Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an
Off- Balance Sheet Arrangement of a Registrant.
On July 2, 2014, Hudson Technologies Company ("HTC"), a subsidiary of Hudson
Technologies, Inc. (the "Registrant"), entered into a Third Amendment to
Revolving Credit, Term Loan and Security Agreement (the "Amendment") with PNC
Bank, National Association ("PNC"), which, among other things, extends the term
of HTC's existing credit, term loan and security agreement with PNC (the
"Facility"). Pursuant to the Amendment, which is effective June 30, 2014, the
Termination Date of the Facility (as defined in the Facility) has been extended
to June 18, 2018. The Amendment also amends the Minimum EBITDA covenant in the
Facility to require that the Company maintain, on a trailing 12 month basis,
tested quarterly, minimum EBITDA for the quarters ending June 30, 2014 through
December 31, 2014, as follows:
6 month period ending June 30, 2014 $ 1,123,000
9 month period ending September 30, 2014 $ 1,330,000
12 month period ending December 31, 2014 $ 802,000
In connection with the Amendment, the Registrant and its subsidiary, Hudson
, entered into a Guarantors' Ratification in which they
acknowledged that the obligations under the Facility (as amended) are secured by
their existing guaranty and suretyship agreements (the "Guarantors'
Ratification"). All other material terms of the Facility remain unchanged.
The foregoing description of the Amendment and related documents does not
purport to be complete and is qualified in its entirety by reference to the
Amendment and the Guarantors' Ratification, which are filed as exhibits to this
report and are incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
Exhibit 10.1 Third Amendment To Revolving Credit, Term Loan And Security
Agreement between Hudson Technologies Company, and PNC
Bank, National Association, dated July 2, 2014.
Exhibit 10.2 Guarantors' Ratification dated July 1, 2014, by the Registrant
and Hudson Holdings, Inc.