UTI amends credit agreement with Fifth Third; removes clean-off provision and eases quick ratio covenant

On August 23, 2023, the Loan Parties entered into a First Amendment to Credit Agreement (the “ Amendment ”) with the Lender that (i) removed the “clean off” provision, which previously required that the amount outstanding under the Credit Agreement not exceed $20,000,000 for a single thirty (30) consecutive day period during the period commencing on the date of the initial draw under the Credit Agreement and ending on the date twenty (20) months thereafter; (ii) removed the specific timing requirement and clarified other terms surrounding the Loan Parties’ obligation to use the Lender as their primary provider of bank products; and (iii) modified the Loan Parties’ obligation under the quick ratio financial covenant.