---
schema_version: "secwatch.filing_event.v1"
accession: "0001157523-23-001455"
form_type: "8-K"
ticker: "CCRN"
cik: "0001141103"
company_name: "CROSS COUNTRY HEALTHCARE INC"
filed_at: "2023-10-02T23:59:59+00:00"
generated_at: "2026-06-10T06:15:12.508821+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Cross Country's ABL covenant becomes springing, tied to excess availability thresholds

## Summary
- Amendment No. 6 changes fixed charge coverage ratio from maintenance to springing covenant triggered when excess availability falls below greater of 15% of loan cap or $24M.
- Once a Compliance Period starts, covenant tested quarterly until excess availability exceeds that threshold for 30 consecutive days.
- Cure right added: cash equity contributions can boost consolidated EBITDA within 10 business days of Compliance Period start.
- Amendment effective September 29, 2023; all conditions satisfied; existing credit agreement otherwise unchanged.

## SEC filing metadata
- accession: 0001157523-23-001455
- form_type: 8-K
- ticker: CCRN
- cik: 0001141103
- company_name: CROSS COUNTRY HEALTHCARE INC
- filed_at: 2023-10-02T23:59:59+00:00
- event_type: debt
- sentiment: positive
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1141103/000115752323001455/0001157523-23-001455-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1141103/000115752323001455/a53567346.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001157523-23-001455
- JSON: https://secwatch.observer/filing/0001157523-23-001455.json
- Plain text: https://secwatch.observer/filing/0001157523-23-001455.txt

## Key facts
- Material Agreements
  CROSS COUNTRY HEALTHCARE INC amended ABL Credit Agreement with Wells Fargo Bank N.A. valued at Amends fixed charge coverage ratio from minimum to springing based on excess availability (effective 2023-09-29).
  - Action: amendment
  - Agreement: credit facility
  - Counterparty: Wells Fargo Bank N.A.
  - Value: Amends fixed charge coverage ratio from minimum to springing based on excess availability
  - Effective: 2023-09-29
  source text: On September 29, 2023, Cross Country Healthcare, Inc. (the "Company") amended its ABL Credit Agreement dated October 25, 2019, as amended, restated or otherwise modified from time to time, among the Company, substantially all of its wholly-owned subsidiaries, and Wells Fargo Bank N.A., as lender and administrative agent.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1141103/000115752323001455/0001157523-23-001455-index.htm

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