Extracted from this filing and checked against the source text.
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.95
iBio, Inc. amended Seventh Amendment to the Credit Agreement with Woodforest National Bank valued at Withdrawal of up to $1,000,000 on Oct 4, 2023 (minimum balance $2,000,000 until Oct 16); additional (effective 2023-10-04).
- Action
- amendment
- Agreement
- credit facility
- Counterparty
- Woodforest National Bank
- Value
- Withdrawal of up to $1,000,000 on Oct 4, 2023 (minimum balance $2,000,000 until Oct 16); additional
- Effective
- 2023-10-04
Exact text from the filing
On October 4, 2023, iBio CDMO LLC (“Borrower”), a wholly owned subsidiary of iBio, Inc. (the “Company”) and Woodforest National Bank (“Woodforest”) entered into the Seventh Amendment to the Credit Agreement, which was entered into on November 1, 2021, as previously amended as of October 11, 2022, February 9, 2023, February 20, 2023, March 24, 2023, May 10, 2023 and September 18, 2023 (the “Credit Agreement”), which amendment among other things, permits the Company, in each case, so long as no Potential Default or Default (as such terms are defined in the Credit Agreement) to make the following withdrawals from the Reserve Funds Deposit Account (as defined in the Credit Agreement): (i) up to $1,000,000 on October 4, 2023 so long as Borrower maintains a minimum balance of $2,000,000 until October 16, 2023, (ii) up to an additional $750,000 after October 16, 2023 so long as Borrower maintains a minimum balance of $1,250,000 until November 13, 2023, and (iii) up to an additional $250,000 a
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