Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
Zoned Properties, Inc. incurred loan of $4.5 million with East West Bank at prime rate plus 0.75% maturing 10 years after its effective date.
- Instrument
- loan
- Principal
- $4.5 million
- Counterparty
- East West Bank
- Rate
- prime rate plus 0.75%
- Maturity
- 10 years after its effective date
- Event
- incurrence
Exact text from the filing
The Swap Note has an original principal amount of $4.5 million. The Swap Note requires Zoned Arizona to pay monthly principal and interest payments to the Bank at an interest rate equal to the prime rate plus 0.75%. The Swap Note matures 10 years after its effective date
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Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Zoned Properties, Inc. entered into Acknowledgement of Amendment and Reaffirmation of Guaranty with East West Bank valued at Reaffirms Guaranty and provides consent to First Amendment and Swap Note (effective 2022-12-07).
- Action
- entry
- Agreement
- credit facility
- Counterparty
- East West Bank
- Value
- Reaffirms Guaranty and provides consent to First Amendment and Swap Note
- Effective
- 2022-12-07
Exact text from the filing
On December 7, 2022, the Company executed an Acknowledgement of Amendment and Reaffirmation of Guaranty (the “Reaffirmation”) in favor of the Bank. The Reaffirmation reaffirms the Guaranty and provides the Company’s consent to the First Amendment and Swap Note.
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Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Zoned Properties, Inc. entered into Amended and Restated Promissory Note (Swap Note) with East West Bank valued at Original principal amount of $4.5 million, interest rate prime plus 0.75%, matures 10 years, amortiz (effective 2022-12-07).
- Action
- entry
- Agreement
- credit facility
- Counterparty
- East West Bank
- Value
- Original principal amount of $4.5 million, interest rate prime plus 0.75%, matures 10 years, amortiz
- Effective
- 2022-12-07
Exact text from the filing
Pursuant to the terms of the Loan Agreement and First Amendment, on December 7, 2022, Zoned Arizona issued an Amended and Restated Promissory Note (the “Swap Note”) to the Bank. The Swap Note has an original principal amount of $4.5 million. The Swap Note requires Zoned Arizona to pay monthly principal and interest payments to the Bank at an interest rate equal to the prime rate plus 0.75%. The Swap Note matures 10 years after its effective date and payments are calculated based on a 30-year amortization schedule.
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Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Zoned Properties, Inc. amended First Amendment to Loan Agreement with East West Bank valued at Amendment to $4.5 million multiple access loan, electing Early Amortization Election (effective 2022-12-07).
- Action
- amendment
- Agreement
- credit facility
- Counterparty
- East West Bank
- Value
- Amendment to $4.5 million multiple access loan, electing Early Amortization Election
- Effective
- 2022-12-07
Exact text from the filing
On December 7, 2022, Zoned Arizona and the Bank entered into a First Amendment to Loan Agreement (the “First Amendment”).
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