On February 14, 2013, Franklin Credit Management Corporation (FCRM) entered into an amendment to its credit facility (the Licensing Credit Agreement) with The Huntington National Bank and Huntington Finance, LLC, which, pursuant to the terms thereof, extended the termination date of the Licensing Credit Agreement to March 31, 2014 and granted a forbearance, until March 31, 2014, from the exercise of rights and remedies with respect to cash pledged as collateral thereunder triggered by the failure of subsidiaries of its former parent company, Franklin Credit Holding Corporation (Franklin Holding), to pay in full the amounts due upon the March 31, 2012 maturity of a legacy credit agreement with the Bank for those entities and the bankruptcy filing of Franklin Holding, neither of which included FCRM. The Licensing Credit Agreement, which is secured by cash collateral of $7.5 million, consists of a revolving loan facility of $1 million and a $6.5 million letter of credit facility.
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2015 | Franklin Credit Management Corporation will Change its Ticker to FCRM from FCRMD | CI |
2015 | Franklin Credit Management Corporation has Changed its Ticker to FCRMD from FCRM | CI |
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- Franklin Credit Management Corporation Enters into an Amendment to its Credit Facility with The Huntington National Bank and Huntington Finance, LLC