Search the web
Welcome, Guest
[Sign Out, My Account]
EDGAR_Online

Quotes & Info
Enter Symbol(s):
e.g. YHOO, ^DJI
Symbol Lookup | Financial Search
ORBT > SEC Filings for ORBT > Form 8-K on 15-Apr-2014All Recent SEC Filings

Show all filings for ORBIT INTERNATIONAL CORP

Form 8-K for ORBIT INTERNATIONAL CORP


15-Apr-2014

Entry into a Material Definitive Agreement, Financial Statements and Exh


Item 1.01 Entry into a Material Definitive Agreement.

On April 9, 2014, Orbit International Corp. and its subsidiaries, Behlman Electronics, Inc., Tulip Development Laboratory, Inc. and Integrated Consulting Services, Inc. d/b/a Integrated Combat Systems (collectively, the "Borrowers") entered into a Second Amendment and Waiver (the "Amendment") to its Credit Agreement with People's United Bank.

The Amendment, among other things: (a) required the Borrowers to maintain excess availability and cash and marketable securities of at least $3 million at all times; (b) waived the necessity to comply with the Consolidated Fixed Charge Coverage Ratio for the period ending March 31, 2014; (c) removed the requirement to maintain a minimum Consolidated Fixed Charge Coverage Ratio for the periods ending June 30, 2014 and September 30, 2014; (d) required the Borrowers to maintain Minimum Consolidated Tangible Net Worth of at least $13,500,000 for each of the fiscal quarters ending June 30, 2014 and September 30, 2014; and (e) modified the definition of the Consolidated Fixed Charge Coverage Ratio.

The discussion in this Item 1.01 regarding the Amendment is qualified in its entirety by the Second Amendment and Waiver attached hereto as Exhibit 10.1.



Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit    Description
  10.1     Second Amendment and Waiver, dated as of April 9, 2014, by and among
           Orbit International Corp., Behlman Electronics, Inc., Tulip Development
           Laboratory, Inc., Integrated Consulting Services, Inc. d/b/a Integrated
           Combat Systems and People's United Bank.

  Add ORBT to Portfolio     Set Alert         Email to a Friend  
Get SEC Filings for Another Symbol: Symbol Lookup
Quotes & Info for ORBT - All Recent SEC Filings
Copyright © 2014 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service
SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informational purposes only, not intended for trading purposes or advice. Neither Yahoo! nor any of independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. By accessing the Yahoo! site, you agree not to redistribute the information found therein.