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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Emtec Inc (CE) | USOTC:ETEC | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.15 | 0.00 | 01:00:00 |
Delaware
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0-32789
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87-0273300
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(State or other jurisdiction of
incorporation)
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(Commission File Number)
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(I.R.S. Employer
Identification No.)
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¨
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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¨
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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¨
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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¨
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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·
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The Second Amendment amends the total facility amount by temporarily increasing it to $40,590,000. This amendment is effective until January 31, 2011, at which time the total facility amount will return to its previous level of $32,000,000;
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·
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The Second Amendment adds and clarifies certain covenants in the Credit Documents including the following:
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·
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Amending the Positive Net Income covenant to add back to Net Income, non-cash charges;
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·
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Providing that Borrower shall maintain a ratio of EBITDA to Interest Paid (as such terms are defined in the Credit Documents) of 3.50 to 1.00 as of the end of each fiscal quarter; and
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·
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Amending the Capital Expense covenant to increase the limitation on capital expenditures to $2,750,000 in any rolling four fiscal quarter period and to provide that acquisition costs are not considered capital expenditures for this purpose.
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·
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The Second Amendment amends the calculation of the Revolving Credit Borrowing Base Amount to take into account the value of the Borrowers’ inventory.
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Exhibit No.
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Description
|
|
99.1
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Second Amendment and Joinder to Loan and Security Agreement and Schedule to Loan and Security Agreement and First Amendment to Collateral Pledge Agreement dated December 7, 2010
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EMTEC, INC. | |||
By:
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/s/ Gregory P. Chandler
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Name: Gregory P. Chandler
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Title: Chief Financial Officer
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Exhibit No.
|
Description
|
|
99.1
|
Second Amendment and Joinder to Loan and Security Agreement and Schedule to Loan and Security Agreement and First Amendment to Collateral Pledge Agreement dated December 7, 2010
|
1 Year Emtec (CE) Chart |
1 Month Emtec (CE) Chart |
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