Extracted from this filing and checked against the source text.
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.95
PRECISION OPTICS CORPORATION, INC. entered into Second Amendment to Loan Agreement with Main Street Bank valued at Additional term loan of $750,000, increase in revolving line of credit to $1,250,000 from $500,000; (effective 2023-06-02).
- Action
- entry
- Agreement
- credit facility
- Counterparty
- Main Street Bank
- Value
- Additional term loan of $750,000, increase in revolving line of credit to $1,250,000 from $500,000;
- Effective
- 2023-06-02
Exact text from the filing
On June 2, 2023, the Company entered into a Second Amendment to Loan Agreement with Main Street Bank, which provides for an additional term loan in the original principal amount of $750,000 and an increase in the Company’s existing revolving line of credit to up to $1,250,000, from the existing limit of $500,000. The term loan has a term of 5 years and bears interest at the fixed rate of 8.625% per annum. The revolving line of credit bears interest at the greater of the Wall Street Journal “Prime Rate” plus 1.50% or the fixed rate of 4.75% per annum. The term loan and the revolving line of credit are secured by all assets of the Company.
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