Item 1.01 Entry Into a Material Definitive Agreement.
On
The Loan Agreement contains customary events of default and negative covenants, including but not limited to those governing indebtedness, liens, fundamental changes, investments, and restricted payments. The Loan Agreement also requires the Borrowers to maintain a fixed charge coverage ratio of at least 1.25:1. The credit facility is secured by substantially all of the operating assets of the Borrowers as collateral. The Borrowers' obligations under the credit facility are subject to acceleration upon the occurrence of an event of default as defined in the Loan Agreement.
The foregoing summary of the Loan Agreement and the transactions contemplated thereby is qualified in its entirety by reference to the text of such agreement, a copy of which is attached hereto as Exhibit 10.1 and is incorporated by reference herein.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
As described in Item 1.01 above, on
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits: 10.1 Amended and Restated Loan Agreement dated as ofApril 12, 2022 by and amongOptex Systems Holdings, Inc. ,Optex Systems, Inc. , andPNC Bank, National Association 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
© Edgar Online, source