ITEM 1.01. Entry Into a Material Definitive Agreement
On March 31, 2009, the Company entered into its Third Modification
Agreement ("Third Amendment") of its $30.0 million line of credit with JPMorgan
Chase Bank, N.A. (successor by merger to Bank One, NA) dated April 3, 2007. The
amendment reduces the line from $30.0 million to $10.0 million and extends the
maturity date to March 31, 2011. In addition, this Third Amendment makes certain
other adjustments to (i) the interest rates charged in connection with
borrowings under the line of credit, (ii) the commitment fee charged on the
unused portion of the line, and (iii) certain financial covenants and certain
restricted payments. The above description of the Third Amendment is qualified
in its entirety by reference to the terms of the Third Amendment attached hereto
as Exhibit 10.1 and incorporated herein by reference.
ITEM 9.01. Financial Statements and Exhibits
(d) Exhibits
Exhibit Number Description
10.1 Third Amendment to Credit Agreement line of credit with JPMorgan Chase
Bank, N.A., dated as of March 31, 2009
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