---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-22-020230"
form_type: "8-K"
ticker: "OMCC"
cik: "0001000045"
company_name: "OLD MARKET CAPITAL Corp"
filed_at: "2022-10-27T23:59:59+00:00"
generated_at: "2026-06-22T23:09:20.485375+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Nicholas Financial in default on loan; Wells Fargo imposes default rate interest

## Summary
- Default due to EBITDA ratio covenant failure for month ending August 31, 2022.
- Default rate of interest effective Aug 31, 2022; additional ~$130k interest for Q3 2022 and ~$118k/month thereafter.
- Lenders reserve right to accelerate all obligations under the loan agreement.
- Company is working with Wells Fargo to address default and negotiating refinancing with an alternative source.
- Default driven by increased provisions for credit losses as COVID-19 assistance subsided.

## SEC filing metadata
- accession: 0000950170-22-020230
- form_type: 8-K
- ticker: OMCC
- cik: 0001000045
- company_name: OLD MARKET CAPITAL Corp
- filed_at: 2022-10-27T23:59:59+00:00
- event_type: debt
- sentiment: negative
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.04
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1000045/000095017022020230/0000950170-22-020230-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1000045/000095017022020230/nick-20221020.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-22-020230
- JSON: https://secwatch.observer/filing/0000950170-22-020230.json
- Plain text: https://secwatch.observer/filing/0000950170-22-020230.txt

## Key facts
- Debt Financings
  OLD MARKET CAPITAL Corp reported a default on credit facility with Wells Fargo Bank, N.A. at default rate of interest.
  - Instrument: credit facility
  - Counterparty: Wells Fargo Bank, N.A.
  - Rate: default rate of interest
  - Event: default
  source text: the lenders expressly reserve all rights and remedies available under the Loan Agreement. Among those rights and remedies is the ability of the lenders to accelerate all of Nicholas’ obligations under the loan.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1000045/000095017022020230/0000950170-22-020230-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.