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ONE GROUP HOSPITALITY, INC. FILES (8-K) Disclosing Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

August 12, 2014



Item 1.01 Entry into a Material Definitive Agreement.

On August 6, 2014, The ONE Group Hospitality, Inc. (the "Company") entered into Amendment No. 4 to Addendum to the Credit Agreement (the "Amendment") with BankUnited N.A. (formerly Herald National Bank), dated October 31, 2011, as amended on January 24, 2013 and October 15, 2013 (as amended, the "Credit Agreement"). Pursuant to the Amendment, the Company increased available borrowings under the Credit Agreement for up to $9.1 million, as well as updated certain definitions, removed the advance ratio covenant and added a debt service coverage ratio calculation.

The foregoing is only a brief description of the Amendment, does not purport to be a complete description of the rights and obligations of the parties thereunder and is qualified in its entirety by reference to that document, which will be filed as an exhibit to the Company's quarterly report on Form 10-Q for the fiscal quarter ending September 30, 2014.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth under Item 1.01, "Entry into a Material Definitive Agreement," is incorporated herein by reference.


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Source: Edgar Glimpses


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