Item 1.01 Entry into a Material Definitive Agreement
On
Pursuant to the Fourth Amendment, the new term loan with
In addition,
All advances under the term loan and the capital expenditure line of credit are
amortizable over seven years (84 months), mature on
In reviewing the covenants in the Loan and Security Agreement in connection with
the discussion regarding the increase in the term loan and the establishment of
a capital expenditures line, it was determined that certain ordinary course
expenses, such as the cost of tooling incurred to enable a machine to produce a
particular product, should be considered a capital expenditure. Rather than
amend the language in the covenant,
The description of the material terms of the Fourth Amendment to Loan and Security Agreement contained herein is not intended to be complete and is qualified by reference to the copy of the Amendment which is filed as an exhibit to this Report on Form 8-K.
Item 7.01 Regulation FD Disclosure
On
The information in Item 7.01 of this Form 8-K, including Exhibit 99.1 attached hereto, shall not be deemed as "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act"), or otherwise subject to the liability of such Section, nor shall it be deemed incorporated by reference in any filing by us under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits. Exhibit No. Description 10.1 Fourth Amendment to Loan and Security Agreement withWebster Bank, National Association 99.1 Text of press release datedMay 18, 2022 , issued byAir Industries Group . 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 1
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