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QCCO > SEC Filings for QCCO > Form 8-K on 6-Mar-2014All Recent SEC Filings

Show all filings for QC HOLDINGS, INC.

Form 8-K for QC HOLDINGS, INC.


Entry into a Material Definitive Agreement

Item 1.01. Entry into a Material Definitive Agreement.

On September 30, 2011, QC Holdings, Inc. (the "Company") entered into a Second Amended and Restated Credit Agreement (the "Credit Agreement") with U.S. Bank National Association, as Agent and Arranger (the "Agent"), and the lenders that are parties thereto (collectively, the "Lenders"). On February 28, 2014, the Company, the Agent and the Lenders entered into a Fourth Amendment Agreement, which amended the provision in the the Credit Agreement with respect to a Maximum Loss Ratio. The amended covenant provides that effective as of January 31, 2014, the Company will not permit or suffer the Loss Ratio (as defined in the Credit Agreement) determined for the Company and its Subsidiaries on a Consolidated basis, as of the end of each fiscal month, measured on a trailing 12-month basis, to be more than or equal to (i) 30% for the monthly periods ending January 31, 2014 and February 28, 2014, and (ii) 28% for each monthly period thereafter. The covenant prior to amendment provided that the trailing 12 month Loss Ratio would not be more than or equal to 28%. "Loss Ratio" means, for the period of determination, the percentage of the provision for losses to revenues, as each item is shown on the consolidated income statement of the Company and its Subsidiaries.


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