---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-222905"
form_type: "8-K"
ticker: "UTI"
cik: "0001261654"
company_name: "UNIVERSAL TECHNICAL INSTITUTE INC"
filed_at: "2023-08-29T23:59:59+00:00"
generated_at: "2026-06-11T02:14:56.256664+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.45
calibrated_materiality_score: 0.45
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- Removed requirement that outstanding amount not exceed $20M for 30 consecutive days (clean off provision).
- Quick ratio covenant set at 0.85:1 when >$50M of Initial Draw outstanding, else 0.60:1.
- Bank products obligation changed to 'commercially reasonable efforts' from specific timing requirement.
- Removed Section 4.13 and Schedule 4.13 entirely; redacted schedules 3.23 and 7.1(a)(iv) amended.
- Amendment dated August 23, 2023, effective immediately, with no Event of Default continuing.

## SEC filing metadata
- accession: 0001193125-23-222905
- form_type: 8-K
- ticker: UTI
- cik: 0001261654
- company_name: UNIVERSAL TECHNICAL INSTITUTE INC
- filed_at: 2023-08-29T23:59:59+00:00
- event_type: debt
- sentiment: positive
- materiality_score: 0.45
- calibrated_materiality_score: 0.45
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1261654/000119312523222905/0001193125-23-222905-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1261654/000119312523222905/d431117d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-222905
- JSON: https://secwatch.observer/filing/0001193125-23-222905.json
- Plain text: https://secwatch.observer/filing/0001193125-23-222905.txt

## Key facts
- Material Agreements
  UNIVERSAL TECHNICAL INSTITUTE INC amended First Amendment to Credit Agreement with Fifth Third Bank valued at Amendment to Credit Agreement to remove clean off provision, modify bank products obligation, and mo (effective 2023-08-23).
  - Action: amendment
  - Agreement: credit facility
  - Counterparty: Fifth Third Bank
  - Value: Amendment to Credit Agreement to remove clean off provision, modify bank products obligation, and mo
  - Effective: 2023-08-23
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1261654/000119312523222905/0001193125-23-222905-index.htm

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