On June 25, 2012, Umami Sustainable Seafood Inc. and Baja Aqua-Farms, S.A. de C.V. entered into Amendment No. 3 to the Credit Agreement, dated as of August 26, 2011, by and among Umami and Baja, as borrowers, and Amerra Capital Management, LLC, as administrative agent, and the lenders named therein. Pursuant to the Amendment, Amerra agreed to increase the amount of credit available under the Credit Agreement and to modify certain provisions of the Credit Agreement. The Amendment increased the aggregate amount of the lenders' commitment to $30 million, extended the maturity date to December 31, 2012 and increased the borrowing base rate to 80% of the insured value of the eligible inventory or eligible catch, as the case may be. The company will secure the commitment with a first priority lien on Baja's licenses, concessions, fishing vessels and inventory. In addition, the company will assign export contracts and proceeds. The maximum credit extension shall be the lesser of $30 million and the borrowing base provided that inter-harvest loans in excess of the borrowing base (but in all cases less than a total of $30 million) may be made in the following amounts: between April 1 and July 31, $10 million; between August 1 and August 31, $6 million; between September 1 and September 30, $3 million; between October 1 and March 31, $0. In connection with the Amendment, the company paid a $450,000 fee. Borrowings under the Credit Agreement will accrue interest at one year libor plus 9.00% annually, except inter-harvest loans will accrue interest at one year libor plus 11.75% annually, and accrued interest is payable monthly.