Extracted from this filing and checked against the source text.
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.95
COFFEE HOLDING CO INC amended Ninth Loan Modification Agreement with Webster Bank valued at Amendment to Loan Agreement waiving Events of Default and establishing new covenants (effective 2023-03-15).
- Action
- amendment
- Agreement
- credit facility
- Counterparty
- Webster Bank
- Value
- Amendment to Loan Agreement waiving Events of Default and establishing new covenants
- Effective
- 2023-03-15
Exact text from the filing
Coffee Holding Co., Inc. (the “Company”) and its wholly owned subsidiary Organic Products Trading Company LLC (“ OPTCO ,” and together with the Company the “ Borrowers ”) are party to a Amended and Restated Loan and Security Agreement, as amended (the “ Loan Agreement ”), dated April 25, 2017, by and among the Borrowers and Webster Bank (“ Lender ”). As of October 31, 2022, the Company was not in compliance with certain covenants which constituted events of default under the Loan Agreement (“ Events of Default ”). On March 15, 2023, Borrowers entered into the Ninth Loan Modification Agreement (the “ Amendment ”) with the Lender which amended the Loan Agreement to waive the foregoing Events of Default. The Amendment, among other things: (i) requires for subordination agreements to be executed with the Lender prior to the issuance of any subordinate debt of the Company, if necessary, (ii) allows for transactions with Affiliates (as defined in the Loan Agreement) in the ordinary course of
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