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 13 of 42 <br /> million term loan provided by the Lenders to the Borrowers under the delayed draw feature of <br /> the Financing Agreement and extends the period by which an applicable premium payable to the <br /> Lenders will be calculated to the final maturity date. <br /> 24. On September 6, 2019, the Borrowers entered into a fifth amendment (the "Fifth <br /> Amendment") to the Financing Agreement. The Fifth Amendment, among other things, (i) <br /> extended the maturity of the Financing Agreement to December 27, 2022, (ii) provided a $5.0 <br /> million term loan provided by the Lenders to the Borrowers under the delayed draw feature of <br /> the Financing Agreement, (iii) extended the period by which an applicable premium payable to <br /> the Lenders will be calculated to December 31, 2021, (iv) modified certain definitions and <br /> concepts to account for the Partnership's recent acquisition of properties from Blackjewel, and <br /> (v)permitted the disposition of the Pennyrile mining complex. <br /> 25. On March 3, 2020, the Borrowers entered into a sixth amendment (the "Sixth <br /> Amendment") to the Financing Agreement. The Sixth Amendment, among other things, <br /> provides a consent by the Lenders to a$3.0 million delayed draw term loan. <br /> 26. On May 22, 2020, the Borrowers entered into a seventh amendment (the <br /> "Seventh Amendment") to the Financing Agreement. The Seventh Amendment, among other <br /> things: (i) permits the issuance of the PPP Loan, described below; (ii) modifies the timing of <br /> repayment under the Financing Agreement from $375,000 on a quarterly basis to $125,000 on a <br /> monthly basis; (iii) eliminates certain minimum collateral coverage covenants; and (iv) mandates <br /> certain other collateral and reporting requirements. <br /> 27. As of the Petition Date, an aggregate principal amount of approximately $39.8 <br /> million was outstanding under the Financing Agreement, including (i) $26.8 million at a variable <br /> interest rate of Libor plus 10.00% (10.18% at June 30, 2020), (ii) $5.0 million at a variable <br /> 13 <br />