Item 1.01 Entry into a Material Definitive Agreement.
On
Each Lender is obligated to furnish only one-half of the aggregate
The Loan Agreement provides for Mill City to pay a quarterly unused commitment fee equal to one-quarter of one percent of the amount of credit available but unused under the Loan Agreement, and requires Mill City to pay such fee in the form of shares of Mill City common stock based on Mill City's net asset value per share on the last day of the applicable fiscal quarter. The Loan Agreement grants the Lenders piggyback registration rights subject to customary terms and conditions.
The Loan Agreement contains other provisions, such as representations, warranties, terms and conditions, that are customary for revolving credit facilities. Promissory notes, evidencing amounts owing under the Loan Agreement and conforming to the terms and conditions of the Loan Agreement, were also executed by Mill City and delivered to the Lenders as contemplated under 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 disclosures under Item 1.01 above are incorporated by reference into this item.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits. Item Description 10.1 Loan and Security Agreement, datedJanuary 3, 2022 , amongMill City Ventures III, Ltd. ,Eastman Investment, Inc. and Lyle A. Berman, as trustee of theLyle A. Berman Revocable Trust (filed herewith) 104 Cover Page Interactive Data File (embedded within the Inline XBRL Document)
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