MILL CITY VENTURES III, LTD: entering into a material definitive agreement, creating a direct financial obligation or obligation under an off-balance sheet arrangement of a holder, financial statements and exhibits (Form 8- K)
Item 1.01 Conclusion of a Material Definitive Agreement.
Each lender is required to provide only half of the whole
available as part of the loan agreement. The loan agreement has a term of five years ending on
The loan agreement provides that Mill City pay an unused quarterly commitment fee equal to one-quarter of one percent of the amount of credit available but not used under the loan agreement, and requires Mill City to pay this. commission in the form of shares of Mill City ordinary shares based on the net asset value per Mill City share on the last day of the applicable fiscal quarter. The Loan Agreement grants Piggyback Registration Rights to Lenders subject to customary terms and conditions.
The loan agreement contains other provisions, such as representations, guarantees, terms and conditions, which are customary for revolving credit facilities. Promissory Notes, evidencing the amounts due under the Loan Agreement and in accordance with the terms and conditions of the Loan Agreement, have also been executed by Mill City and delivered to the Lenders in accordance with the Loan Agreement.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
The information in section 1.01 above is incorporated by reference in this section.
Item 9.01 Financial statements and supporting documents.
(d) Exhibits. Item Description 10.1 Loan and Security Agreement, dated
January 3, 2022, among Mill City Ventures III, Ltd., Eastman Investment, Inc.and Lyle A. Berman, as trustee of the Lyle A. Berman Revocable Trust(filed herewith) 104 Cover Page Interactive Data File (embedded within the Inline XBRL Document)
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