Laserfiche WebLink
Case 1:20-bk-12043 Doc 3 Filed 07/22/20 Entered 07/22/20 17:38:25 Desc Main <br /> Document Page 12 of 42 <br /> additional lots and (iii) subject to Lender consent, permits the sale of other lots on a going <br /> forward basis. The net proceeds of future sales will be held by the Partnership until a later date <br /> to be determined by the Lenders. <br /> 21. On February 13, 2019, the Borrowers entered into a second amendment (the <br /> "Second Amendment") to the Financing Agreement. The Second Amendment provided the <br /> Lenders' consent for the Borrowers to pay a one-time cash distribution on February 14, 2019 to <br /> the Series A Preferred Unitholders not to exceed approximately $3.2 million. The Second <br /> Amendment allowed the Borrowers to sell their remaining shares of Mammoth Inc. and utilize <br /> the proceeds for payment of the one-time cash distribution to the Series A Preferred Unitholders <br /> and waived the requirement to use such proceeds to prepay the outstanding principal amount <br /> outstanding under the Financing Agreement. The Second Amendment also waived any Event of <br /> Default that has or would otherwise arise under Section 9.01(c) of the Financing Agreement <br /> solely by reason of the Borrowers failing to comply with the Fixed Charge Coverage Ratio <br /> covenant in Section 7.03(b) of the Financing Agreement for the fiscal quarter ending December <br /> 31, 2018. The Second Amendment also extended the period by which an applicable premium <br /> payable to the Prepetition Lenders will be calculated to December 31, 2019. <br /> 22. On May 8, 2019, the Borrowers entered into a third amendment ("Third <br /> Amendment") to the Financing Agreement. The Third Amendment includes the Lenders' <br /> agreement to waive any Event of Default that arose or would otherwise arise under the Financing <br /> Agreement for failing to comply with the Fixed Charge Coverage Ratio for the six months ended <br /> March 31, 2019. <br /> 23. On August 16, 2019, the Borrowers entered into a fourth amendment (the <br /> "Fourth Amendment") to the Financing Agreement. The Fourth Amendment provides a $5.0 <br /> 12 <br />