Ciber filed with the U.S. Bankruptcy Court a notice of filing of debtor-in-possession credit agreement.
The credit agreement amendment notes, “Subject to the terms and conditions of this Agreement and Financing Order, and during the term of this Agreement, each Revolving Lender agrees to make revolving loans to Borrowers in an amount at any one time outstanding not to exceed the lesser of: (i) such Lender’s Revolver Commitment, or (ii) such Lender’s Pro Rata Share of an amount equal to the lesser of: the amount equal to the Maximum Revolver Amount less the Prepetition Obligations outstanding at such time, and the amount equal to the Borrowing Base as of such date less the Prepetition Obligations outstanding at such time. Agent shall have the right, in the exercise of its Permitted Discretion, to establish and increase or decrease Receivable Reserves, Bank Product Reserves, Carveout Reserve, and other Reserves against the Borrowing Base or the Maximum Revolver Amount; provided that, prior to entry of the Final Order, the Agent shall not establish, increase or decrease any Receivable Reserves, Bank Product Reserves, Carveout Reserve or other Reserves against the Maximum Revolver Amount. Amounts borrowed pursuant to this Section 2.1 may be repaid and reborrowed at any time during the term of this Agreement….Borrowers will pay Agent a fee in an aggregate amount equal to $1,200,000 (the ‘Closing Fee’), payable ratably for the benefit of the Lenders, with (i) $400,000 payable upon entry of the Interim Order, (ii) $400,000 payable upon entry of the Final Order and (iii) $400,000 payable upon the 35th day following the Petition Date.”
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