Item 1.01 Entry Into Material Definitive Agreement.
On
The Company is the borrower under the Credit Agreement and borrowings under the
Credit Agreement are secured by substantially all the assets of the Company and
Guarantor. The line of credit is secured by a first-ranking security interest in
favor of the Lender, as well as a loan loss guarantee from Investissement
Québec, securing 50% of any loss incurred by the Lender with respect to recovery
of indebtedness under the line of credit. The Company paid a CAD
Any borrowings under the Credit Agreement are subject to certain conditions, including applicable ratios to the Borrowing Base of the Company (as defined in the Credit Agreement), and are contingent upon the Company providing the Lender with, among other documentation, quarterly financial statements and compliance certificates. The Company is obligated to pay reasonable and documented fees incurred by the Lender relating to the Credit Agreement. Upon the occurrence of an event of default, all outstanding obligations under the Credit Agreement may be accelerated and become immediately due and payable.
The foregoing summary description of the Credit Agreement is qualified in its entirety by reference to the full text of the Credit Agreement.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
The information set forth in Item 1.01 above is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits. Exhibit No. Description 99.1 Press Release ofDAVIDsTEA Inc. , datedAugust 31, 2022 104 Cover Page Interactive Data File (embedded within the Inline XBRL Document) 2
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