secwatch.observer — SEC 8-K summary
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Issuer:     UNIVERSAL TECHNICAL INSTITUTE INC (UTI)
CIK:        0001261654
Form:       8-K
Filed at:   2023-08-29T23:59:59+00:00
Accession:  0001193125-23-222905
Event type: debt
Sentiment:  positive
Materiality: 0.45
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1261654/000119312523222905/0001193125-23-222905-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1261654/000119312523222905/d431117d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-222905

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