Section 1.01 Entering into a Material Definitive Agreement.
The loan agreement contains customary events of default and negative covenants, including but not limited to those governing indebtedness, liens, fundamental changes, investments and restricted payments. The loan agreement also requires borrowers to maintain a fixed charge coverage ratio of at least 1.25:1. The credit facility is secured by substantially all of the operating assets of the borrowers as collateral. The obligations of the Borrowers under the credit facility may be accelerated upon the occurrence of an event of default as defined in the Loan Agreement.
The above summary of the Loan Agreement and the transactions contemplated by it is qualified in its entirety by reference to the text of this agreement, a copy of which is attached hereto as Schedule 10.1 and is incorporated by reference herein.
Item 2.03 Creation of a Direct Financial Obligation or Obligation Under an Off-Balance Sheet Arrangement of a Registrant.
As described in point 1.01 above, on
Item 9.01 Financial statements and supporting documents.
(d) Exhibits: 10.1 Amended and Restated Loan Agreement dated as of
April 12, 2022by and among Optex Systems Holdings, Inc., Optex Systems, Inc., and PNC Bank, National Association104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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