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MPAA > SEC Filings for MPAA > Form 8-K on 30-Aug-2013All Recent SEC Filings

Show all filings for MOTORCAR PARTS AMERICA INC

Form 8-K for MOTORCAR PARTS AMERICA INC


30-Aug-2013

Entry into a Material Definitive Agreement, Financial Statements and E


Item 1.01 Entry into a Material Definitive Agreement

On August 26, 2013, Motorcar Parts of America, Inc. (the "Company") amended its Financing Agreement (as amended to date, the "Financing Agreement") by entering into the Seventh Amendment to the Financing Agreement (the "Seventh Amendment") with a syndicate of lenders party thereto, Cerberus Business Finance, LLC, as collateral agent, and PNC Bank, National Association, as administrative agent.
Pursuant to the terms of the Seventh Amendment, (i) the Company borrowed an additional $20,000,000 in term loans, (ii) reset the Senior Leverage Ratio and Fixed Charge Coverage ratio covenants and (iii) added certain carveouts related to transaction fees and restructuring costs to the definitions of "Consolidated EBITDA" and "Excess Cash Flow" and the calculation of liquidity. The Seventh Amendment also provides consent from the lenders and the agents to the Company's payment of certain subordinated debt (the "Payoff") with respect to the Guaranty, dated August 22, 2012, between the Company and Wanxiang America Corporation (the "Guaranty"). The Payoff occurred on August 26, 2013 and represented payment in full of all guaranteed liabilities of the Company and discharged all of the Company's obligations in respect of the guaranteed liabilities under the Guaranty (other than contingent obligations as to which no claim has been made).

The description of the Seventh Amendment contained herein is qualified in its entirety by reference to the terms of the Seventh Amendment, a copy of which is filed herewith as Exhibit 10.1.



Item 9.01 Financial Statements and Exhibits

d) Exhibits.

Exhibit
  No.                                     Description

  10.1      Seventh Amendment to the Financing Agreement, dated as of August 26,
            2013, among Motorcar Parts of America, Inc., each lender from time to
            time party thereto, Cerberus Business Finance, LLC, as collateral
            agent, and PNC Bank, National Association, as administrative agent.


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