secwatch.observer — SEC 8-K summary
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Issuer:     NORTECH SYSTEMS INC (NSYS)
CIK:        0000722313
Form:       8-K
Filed at:   2022-03-10T23:59:59+00:00
Accession:  0001437749-22-005855
Event type: debt
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Nortech Systems enters into Seventh Amendment to Loan Agreement with Bank of America
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- Amendment dated March 4, 2022 modifies borrowing base and adds definitions for CARES Act and Employee Retention Credits.
- Borrowing base includes up to $2.5 million of Eligible ERC Amount, subject to evidence and no dispute.
- Distribution restrictions amended: allows annual redemptions up to $300,000 and other distributions when Eligible ERC Amount is $0.
- Borrower reaffirms representations, no default, and releases claims against Lender.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/722313/000143774922005855/0001437749-22-005855-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/722313/000143774922005855/nsys20220310_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-22-005855

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer