Item 1.01. Entry into a Material Definitive Agreement.
On December 18, 2018, we amended the agreement governing our secured revolving credit facility, or our credit agreement, with Citibank, N.A., as administrative agent and lender, and a syndicate of other lenders.
As a result of the amendment to our credit agreement, the aggregate amount of the commitments under our credit facility was changed to $54.0 million from $100.0 million, and the stated maturity date of our credit facility was changed to June 28, 2019 from February 24, 2020. In addition, the amendment eliminated our options to extend the stated maturity date of our credit facility for two, one year periods, as well as to request an increase in the aggregate amount of the commitments under our credit facility. The amendment also removed certain financial covenants we were previously required to comply with, including the leverage and fixed charge coverage ratios and the tangible net worth covenant. Certain other covenants and related definitions, among other provisions, included in our credit agreement were also modified pursuant to the amendment.
On December 19, 2018, we borrowed $26.48 million under our credit facility. After this borrowing, we had $51.48 million in outstanding borrowings under our credit facility and six letters of credit totaling $2.52 million issued and outstanding under our credit facility, and we were fully drawn under our credit facility as of that date. Pursuant to the amendment, solely with respect to this borrowing, the condition requiring us to represent that, since December 31, 2015, there has been no material adverse change, as defined in our credit agreement, was waived.
Citibank, N.A. and the other lenders party to our credit agreement, as well as their affiliates, have engaged in, and may in the future engage in, investment banking, commercial banking, advisory and other dealings in the ordinary course of business with us. They have received, and may in the future receive, customary fees and commissions for these engagements.
The foregoing description of our credit agreement, as amended, is not complete and is subject to and qualified in its entirety by reference to the amendment to our credit agreement, a copy of which is attached hereto as Exhibit 10.1, and our credit agreement, a copy of which is attached as Exhibit 10.1 to our Current Report on Form 8-K dated February 24, 2017, each of which is incorporated herein by reference.
WARNING CONCERNING FORWARD LOOKING STATEMENTS
THIS CURRENT REPORT ON FORM 8-K CONTAINS STATEMENTS THAT CONSTITUTE FORWARD LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND OTHER SECURITIES LAWS. ALSO, WHENEVER WE USE WORDS SUCH AS BELIEVE, EXPECT, ANTICIPATE, INTEND, PLAN, ESTIMATE, WILL, MAY AND NEGATIVES OR DERIVATIVES OF THESE OR SIMILAR EXPRESSIONS, WE ARE MAKING FORWARD LOOKING STATEMENTS. THESE FORWARD LOOKING STATEMENTS ARE BASED UPON OUR PRESENT INTENT, BELIEFS OR EXPECTATIONS, BUT FORWARD LOOKING STATEMENTS ARE NOT GUARANTEED TO OCCUR AND MAY NOT OCCUR. ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE CONTAINED IN OR IMPLIED BY OUR FORWARD LOOKING STATEMENTS AS A RESULT OF VARIOUS FACTORS. FOR EXAMPLE:
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AT DECEMBER 19, 2018, WE WERE FULLY DRAWN UNDER OUR CREDIT FACILITY. THE AMOUNT OF AVAILABLE BORROWINGS UNDER OUR CREDIT FACILITY IS SUBJECT TO OUR HAVING QUALIFIED COLLATERAL, WHICH IS PRIMARILY BASED ON THE VALUE OF THE ASSETS SECURING OUR OBLIGATIONS UNDER OUR CREDIT FACILITY. ACCORDINGLY, THE MAXIMUM AVAILABILITY OF BORROWINGS UNDER OUR CREDIT FACILITY AT ANY TIME MAY BE LESS THAN $54.0 MILLION, AND
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