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

Show all filings for RELIV INTERNATIONAL INC



Creation of a Direct Financial Obligation or an Obligation under an Off-B

Item No. 2.03 - Creation of a Direct Financial Obligation

On February 28, 2014, Registrant and three of its wholly-owned subsidiaries, Reliv, Inc., Reliv World Corporation and SL Technology, Inc. entered into a Credit Agreement with BMO Harris Bank N.A. (the "Bank") pursuant to which the Bank agreed to provide certain credit facilities to Registrant, including a Term Loan in the principal amount of $3,481,961 and a revolving credit facility in the amount of $5,000,000. The proceeds of the Term Loan were used to pay and re-finance existing notes of Registrant to the Bank in the amount of the Term Loan. The Term Loan and any revolving loans mature on July 1, 2016. The Term Loan is payable in monthly installments of $41,452, the balance payable on the maturity date. The Term Loan and any revolving loans are documented by a form of Term Note and Revolving Note which are made a part of the Credit Agreement.

The Term Loan and any revolving loans are secured by a Mortgage on the real estate and building of the principal offices and plant of Registrant in Chesterfield, Missouri, a General Security Agreement by each of Registrant, Reliv, Inc., Reliv World Corporation and SL Technology, Inc. covering all Accounts, Chattel Paper, Instruments, Documents, General Intangibles, Deposit Accounts, Investment Property, Inventory, Equipment, Fixtures and personal property, and a Patent, Trademark and License Security Agreement by each of Registrant and SL Technology, Inc. granting to the Bank a security interest in all patents, trademarks, intellectual property licenses and other intellectual property rights.

The Credit Agreement includes a series of conditions, representations and warranties, affirmative covenants and negative covenants. The covenants include certain financial covenants requiring Registrant to maintain a designated tangible net worth, and ratio of EBITDA adjusted for certain additional non-cash expenses to Fixed Charges.

Item No. 9.01 - Exhibit

The following exhibit is attached hereto:

Exhibit No.       Exhibit

10.1              Credit Agreement dated February 28, 2014 Among Reliv
                  International, Inc., Reliv, Inc. Reliv World Corporation, and SL
                  Techology, Inc., as Borrowers and BMO Harris Bank N.A.

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