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ANADIGICS INC FILES (8-K) Disclosing Entry into a Material Definitive Agreement, Financial Statements and Exhibits

May 2, 2014



Item 1.01 Entry into a Material Definitive Agreement

On April 30, 2014, the Company entered into a Second Amendment (the "Amendment") to the Credit Agreement. The Amendment replaced the Minimum EBITDA Covenant in Subsection 6.5(a) of the Credit Agreement with the following covenant:

"(a) Minimum EBITDA Covenant. Cause to be maintained as of the end of each fiscal quarter, an EBITDA of not less than (i) negative (-) $26,500,000 for the fiscal quarter ending March 31, 2014, (ii) negative (-) $24,000,000 for the fiscal quarter ending June 30, 2014, (iii) negative (-) $20,600,000 for the fiscal quarter ending September 30, 2014, (iv) negative (-) $12,000,000 for the fiscal quarter ending December 31, 2014, (v) negative (-) $3,500,000 for the fiscal quarter ending March 31, 2015 and (vi) $4,000,000 for the fiscal quarter ending June 30, 2015 and each fiscal quarter thereafter, tested on a trailing twelve (12) month basis at all times."

The Amendment is filed as Exhibit 10.11 to this Report and is incorporated by reference herein, and the above description of the material terms of the Amendment is qualified in its entirety by reference to such Exhibit.

On April 30, 2014, the Company entered into the Amended and Restated Collateral Assignment of Account (the "A&R Collateral Assignment"), which provides that the current Minimum Account Balance Amount, currently no less than the Maximum Revolving Advance Amount as defined in Section 2 of the A&R Collateral Assignment, now include the following addition:

"upon receipt by the Agent of evidence that the Assignor has obtained credit insurance with regard to all Receivables in form and substance acceptable to the Agent in its sole discretion, the Minimum Account Balance Amount shall be reduced from the Maximum Revolving Advance Amount to $7,000,000."

The A&R Collateral Assignment is filed as Exhibit 10.12 to this Report and is incorporated by reference herein, and the above description of the material terms of the A&R Collateral Assignment is qualified in its entirety by reference to such Exhibit.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit 10.11 Second Amendment to Revolving Credit and Security Agreement, dated April 30, 2014, between the Corporation and PNC Bank, National Association Exhibit 10.12 Amended and Restated Collateral Assignment of Account, dated April 30, 2014, between the Corporation and PNC Bank, National Association


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Source: Edgar Glimpses