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| FCFC > SEC Filings for FCFC > Form 8-K on 4-Feb-2009 | All Recent SEC Filings |
4-Feb-2009
Entry into a Material Definitive Agreement, Financial Statements and Exh
On January 30, 2009, American Business Lending, Inc. ("American"), an affiliate
of FirstCity Financial Corporation ("FirstCity"), as borrower, and Wells Fargo
Foothill, LLC ("Lender"), as lender, entered into a Conditional Waiver Agreement
Regarding Event of Default to be effective as of December 31, 2008 (the
"Conditional Waiver"), which waived, subject to the terms and conditions of the
Conditional Waiver, the default of American resulting from the failure of
American to meet the minimum tangible net worth requirement under
Section 5.11(a) of the Loan Agreement between American and Lender dated as of
December 15, 2006, as amended by that certain First Amendment to Loan Agreement
dated as of February 27, 2007, and that certain Second Amendment to Loan
Agreement entered into as of July 30, 2007 to be effective as of June 30, 2007.
The waiver of the default is conditioned on American maintaining, on a
consolidated basis with Borrower's subsidiaries, a tangible net worth of not
less than $5,500,000 as of the end of the fiscal quarter after taking into
account any dividends paid or accrued. The foregoing description of the
Conditional Waiver is qualified in its entirety by reference to the full text of
the Conditional Waiver attached hereto as Exhibit 10.1 and that exhibit is
incorporated herein by this reference.
(d) Exhibit
10.1. Conditional Waiver Agreement Regarding Event of Default dated effective as of December 31, 2008, between American Business Lending, Inc., as borrower, and Wells Fargo Foothill, Inc., as lender.
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