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AXR > SEC Filings for AXR > Form 8-K on 3-Apr-2013All Recent SEC Filings

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Form 8-K for AMREP CORP.


3-Apr-2013

Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation


Item 1.01 Entry into a Material Definitive Agreement.

On April 2, 2013, certain subsidiaries of AMREP Corporation engaged in the Media Services business entered into the third amendment (the "Third Amendment") to the Revolving Credit and Security Agreement, dated as of May 13, 2010 (the "Credit Facility"), with PNC Bank, National Association, as agent and lender.

The Credit Facility provides for a revolving credit loan and letter of credit facility of up to $15,000,000, with availability within that limit based upon the lesser of (i) a percentage of the borrowers' eligible accounts receivable or
(ii) the recent level of collections of accounts receivable. The Third Amendment expands this availability by including certain unbilled accounts receivable in the borrowers' eligible accounts receivable under the Credit Facility. In addition, the Third Amendment extends the term of the Credit Facility by one year, which now expires on May 12, 2015. No other material terms of the Credit Facility changed in connection with the Third Amendment.

The foregoing description of the Third Amendment is a summary only and is qualified in all respects by the provisions of the Third Amendment, a copy of which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.



Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.



Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number                     Description

     10.1      Third Amendment, dated April 2, 2013, to the
               Revolving Credit and Security Agreement, dated as
               of May 13, 2010, among Kable Media Services, Inc.,
               et al and PNC Bank, National Association, as agent
               and lender.

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