Research Solutions Inc
For the period ended Apr 15, 2024. Filed Apr 17, 2024.
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Apr 15, 2024 · Filed Apr 17, 2024
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Entry into Additional Loan Documentation
In connection with and subject to the PNC Loan Agreement, on April 15, 2024 (1) each Borrower entered into a Security Agreement with PNC, which provides that all of the Borrowers’ loans, advances, debts, liabilities obligations and obligations to PNC, or any other direct or indirect subsidiaries of PNC, will be secured by substantially all of such Borrower’s assets as collateral and (2) the Borrowers entered into a Revolving Line of Credit Note (the “PNC Note”) with PNC, which provides for a $500,000 secured revolving line of credit that matures on April 15, 2025 and bears interest annually at the daily SOFR rate plus 2.5%, with accrued interest due and payable monthly. The PNC Note contains customary events of default including, among other things, payment defaults, material misrepresentations, breaches of covenants, revocation of guarantee, certain bankruptcy and insolvency events.
The foregoing description is only a summary and is qualified in its entirety by reference to the aforementioned documents contained in Exhibits 10.1 through 10.4, which are incorporated herein by reference.
| Item 2.03 | Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
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The information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated into this Item 2.03 by reference.
| Item 9.01. | Financial Statements and Exhibits |
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| (d) | Exhibits. |
| Exhibit Number | Description |
|---|---|
| 10.1* | Loan Agreement among Reprints Desk, Inc., Research Solutions, Inc., and PNC Bank, National Association, dated as of April 15, 2024. |
| 10.2* | Revolving Line of Credit Note among Reprints Desk, Inc., Research Solutions, Inc., and PNC Bank, National Association, dated as of April 15, 2024. |
| 10.3* | Security Agreement between Reprints Desk, Inc. and PNC Bank, National Association, dated as of April 15, 2024. |
| 10.4* | Security Agreement between Research Solutions, Inc. and PNC Bank, National Association, dated as of April 15, 2024. |
| 104 | Cover Page Interactive Data File (embedded as Inline XBRL document). |
- Certain portions of this exhibit have been redacted pursuant to Item 601(b)(10) of Regulation S-K.
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