AMREP Corporation Announces Removal of Michael P. Duloc as an Officer and Principal Executive Officer; Enters Fifth Amendment to the Revolving Credit and Security Agreement
In addition, on February 9, 2015, the company's Media Services businesses entered into the fifth amendment to the revolving credit and security agreement, dated as of May 13, 2010, with PNC Bank, National Association, as agent and lender. The Fifth Amendment provided PNC's consent to the stock purchase agreement, removed each member of the company group that is a party to the PNC Credit Facility as a borrower under the PNC Credit Facility, released the collateral of such member that was pledged as security for the obligations under the PNC Credit Facility and reduced the maximum loan amount available under the PNC Credit Facility from $15 million to $7.5 million. No other material terms of the PNC Credit Facility changed in connection with the Fifth Amendment.