Item 1.01 Conclusion of a Material Definitive Agreement
(the “Company”), has entered into a letter of engagement with
(the “Lender”) for a
Borrowings under the Facility will bear interest at a floating rate equal to the Wall Street Journal prime rate, adjusted monthly, subject to a floor interest rate of 3.25% per annum. At each loan closing under the Facility, the borrower will pay the Lender a commitment fee equal to 0.50% of the applicable loan amount. Each loan will have an interest-only payment term of twenty-four months from the applicable loan closing date and all unpaid interest and principal will be due and payable in full two years from the closing date of the applicable loan. loan applicable. Each loan will be secured by the acquired property and the associated rental income and payment will be secured by the
Each loan agreement under the facility will require the borrower to maintain a debt service coverage ratio of at least 1.50 to 1.00 over the term of the loan and will contain customary covenants, negative clauses and events of default. In the event of default, loan commitments under the Facility may be terminated and any outstanding loans, as well as accrued interest, may be declared immediately due and payable. The initial loan under the Facility must be closed no later than
The foregoing description of the Installation does not purport to be complete and is subject to, and qualified in its entirety by reference to the full text of the Installation, a copy of which is filed herein as Exhibit 10.1 and is incorporated into present by reference.
Item 2.03 Creation of Direct Financial Obligations or Obligation Under an Off-Balance Sheet Arrangement of a Registrant
The information in Section 1.01 above is incorporated by reference into this Section 2.03.
Article 7.01. FD Regulation Disclosure.
The information provided in Section 7.01 of this current report on Form 8-K and in Attachment 99.1 will not be considered “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). , or otherwise subject to the responsibilities of this section, nor will such information be deemed to be incorporated by reference in any filing under the Securities Act or the Exchange Act, except as expressly provided by specific reference in such deposit.
Article 9.01. Financial statements and supporting documents.
(d) Exhibits. Exhibit No. Description 10.1 Commitment for
$25 MillionMaster Credit Facility with American Momentum Bankdated October 26, 202199.1 Press Release dated October 27, 2021104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 4854-1886-2593.1
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