QC: Entry Into A Material Definitive Agreement
The following excerpt is from the company's SEC filing
On September 30, 2011, QC Holdings,
Inc. (the Company) entered into a Second Amended and Restated Credit Agreement (the Credit Agreement) with U.S. Bank National Association, as Agent and Arranger (the Agent), and the lenders that are parties
thereto (collectively, the Lenders). On February 28, 2014, the Company, the Agent and the Lenders entered into a Fourth Amendment Agreement, which amended the provision in the the Credit Agreement with respect to a Maximum Loss
Ratio. The amended covenant provides that effective as of January 31, 2014, the Company will not permit or suffer the Loss Ratio (as defined in the Credit Agreement) determined for the Company and its Subsidiaries on a Consolidated basis, as of
the end of each fiscal month, measured on a trailing 12-month basis, to be more than or equal to (i) 30% for the monthly periods ending January 31, 2014 and February 28, 2014, and (ii) 28% for each monthly period thereafter. The
covenant prior to amendment provided that the trailing 12 month Loss Ratio would not be more than or equal to 28%. Loss Ratio means, for the period of determination, the percentage of the provision for losses to revenues, as each item is
shown on the consolidated income statement of the Company and its Subsidiaries.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
The above information was disclosed in a filing to the SEC. To see this filing in its entirety, click here.
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