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NTRI > SEC Filings for NTRI > Form 8-K on 15-Aug-2013All Recent SEC Filings

Show all filings for NUTRI SYSTEM INC /DE/



Entry into a Material Definitive Agreement, Financial Statements and Exhibi

Item 1.01. Entry into a Material Definitive Agreement

On August 13, 2013, the Company entered into a Second Amendment and Modification (the "Second Amendment") to Credit Agreement among the Company, certain subsidiaries of the Company, Manufacturers and Traders Trust Company, as Administrative Agent, and the other Lenders parties thereto (the "Credit Agreement"). The Credit Agreement provides for a $40 million secured revolving credit facility, including a sublimit of $6 million for letters of credit. The Credit Agreement was amended by the Second Amendment (i) to modify the definition of consolidated EBITDA to take into consideration cash expenses of up to $1.05 million in the aggregate incurred during the fiscal quarter of the Company ended March 31, 2013 with respect to the termination of employment of certain employees; (ii) to permit the Company to carryover and spend in 2014 on purchases or other acquisitions of any fixed or capital assets any portion of the $15 million that the Company is permitted to, but does not, spend in 2013 on account of such purchases or acquisitions; and (iii) to modify the definition of consolidated fixed charge coverage ratio to include in the denominator of such ratio only taxes paid in cash.

The description of the Second Amendment herein does not purport to be complete and is qualified in its entirety by reference to the Second Amendment, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits

Exhibit No.     Description

10.1          Second Amendment and Modification to Credit Agreement effective as

of August 13, 2013, among the Company, certain subsidiaries of the Company, Manufacturers and Traders Trust Company, as Administrative Agent, and certain other Lenders parties thereto.

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