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CHCI > SEC Filings for CHCI > Form 8-K on 18-Jul-2014All Recent SEC Filings




Entry into a Material Definitive Agreement, Creation of a Direct

Item 1.01 Entry into a Material Definitive Agreement

The disclosure set forth in Item 2.03 is hereby incorporated into this item by reference.

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

On July 15, 2014, Comstock Holding Companies, Inc. (the "Company") entered into a Guidance Line of Credit and Security Agreement and a Revolving Line of Credit Note (collectively, the "Loan Documents") with EagleBank, the lender, pursuant to which the Company secured a Five Million Dollar ($5,000,000) guidance line of credit (the "Loan") to finance its wholly owned subsidiaries' predevelopment related expenses and deposits for their current and future projects located in the Washington, D.C. metropolitan area. Under the terms of the Loan Documents, the Loan provides for an initial variable interest rate of the one-month LIBOR rate plus three and a quarter percent (3.25%) per annum, with an interest rate floor of five percent (5.0%), and an initial maturity date of twelve (12) months from the initial closing of the Loan. The Loan Documents also provide that the Company must adhere to several financial covenants, including a minimum EBITDA, a minimum net worth and minimum liquidity, all measured quarterly on a trailing twelve (12) month basis. The Loan is personally guaranteed by Christopher Clemente, the CEO of the Company. Mr. Clemente initially agreed not to charge a credit enhancement fee for the Loan as authorized by the Credit Enhancement Agreement previously entered into by and between the Company and Mr. Clemente. The foregoing summary of the Loan Documents are qualified in their entirety by the provisions of the Loan Documents, which the Company intends to file with its Quarterly Report on Form 10-Q for the fiscal quarter ending September 30, 2014.

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