Air Industries amends loan with Webster Bank, waives Q1 default, eases covenant through Q3 2023

AIR INDUSTRIES GROUP

Fifth Amendment to loan agreement waives Event of Default for missing Fixed Charge Coverage Ratio in Q1 ended March 31, 2023.
Required Fixed Charge Coverage Ratio reduced to 0.95:1 for Q2 and Q3 2023 (previously 1.25:1).
Permitted purchase money secured debt (incl. capital leases) increased to $2,000,000 outstanding at any time.
$10,000 amendment fee paid; all other terms of Loan Agreement unchanged.

item 1.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

AIR INDUSTRIES GROUP amended Fifth Amendment to Loan and Security Agreement with Webster Bank (effective 2023-08-04).

Action: amendment
Agreement: credit facility
Counterparty: Webster Bank
Effective: 2023-08-04

Exact text from the filing

On August 4, 2023, we, Air Industries Group, entered into a Fifth Amendment to Loan and Security Agreement with Webster Bank.

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Source: SEC EDGAR

accession 0001213900-23-065140

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