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ASFI > SEC Filings for ASFI > Form 8-K on 2-Apr-2014All Recent SEC Filings

Show all filings for ASTA FUNDING INC



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

Item 1.01. Entry into a Material Definitive Agreement.

On March 27, 2014, CBC Settlement Funding, LLC, ("CBC Settlement Funding") an 80% owned subsidiary of Asta Funding, Inc. (the "Company," "we" or "us") entered into the Sixth Amendment and Modification to Loan Agreement (the "Sixth Amendment") between CBC Settlement Funding, LLC., a Delaware limited liability company and Firstrust Bank ("Firstrust Bank")

The Sixth Amendment amends certain provisions of the Loan Agreement and related documents. Pursuant to Sixth Amendment the facility was increased from $12.5 million to $15 million; the interest rate floor was reduced from 5.5% to 4.75%; future payment eligibility was increased; additional asset classes become eligible as collateral; the commitment was extended from December 31, 2014 to February 28, 2015; changes in Carrier Concentration ratios; and removal of personal guarantees of general managers William Skyrm and James Goodman.

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

The information provided in Item 1.01 is hereby incorporated by reference.

Item 9.01 Financial Statements and Exhibits.

No. Description

Sixth Amendment to be provided by amendment to Form 8-K


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