Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
On
As ofJanuary 22, 2021 , the Company has the following bank debt outstanding (in millions): Credit Agreement: Working Capital $ - Acquisition Term Loan 0.7 Acquisition Line - Loan Agreement: Real Estate 2.9 Equipment 1.0 Total Bank Debt$ 4.6
The Real Estate Loan Agreement contains affirmative and negative covenants that, among other things, requires the Company to maintain a maximum cash flow leverage ratio and a minimum debt service coverage ratio as described therein consistent with the Credit and Loan Agreements. The Credit, Loan and Real Estate Loan Agreements also contain customary events of the Company's default which, if incurred, may terminate the Credit, Loan and Real Estate Loan Agreements and require, among other things, immediate repayment of all indebtedness to the lenders.
The description of the Real Estate Loan Agreement contained herein is qualified in its entirety by reference to the Real Estate Loan Agreement, a copy of which is attached as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits. (a) Financial Information Not applicable (b) Pro Forma Financial Information Not applicable (c) Exhibit(s).
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