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Tuesday, May 10, 2016 8:35:16 AM
JBGL Mustang, LLC, a Texas limited liability company, JBGL Exchange, LLC, a Texas limited liability company, JBGL Chateau, LLC, a Texas limited liability company, Johns Creek 206, LLC, a Georgia limited liability company, and GRBK Frisco LLC, a Texas limited liability company and JBGL Builder Finance, LLC, a Texas limited liability company, all subsidiaries of the Green Brick, have amended the Loan Agreement to change the calculation of the borrowing base, which imposed a limit on the availability under the revolving credit facility equal to the sum of fifty percent (50%) of the total value of land and sixty five percent (65%) of the total value of lots owned by the Grantors, each as determined by an independent appraiser, with the value of land being restricted from being more than sixty five percent (65%) of the borrowing base. The Amendment also implements a non-usage fee, beginning on 8/01/17, equal to 0.25% of the average unfunded amount of the $50.0 million commitment amount over a trailing 12 month period which will be due on or before August 1st of each year during the term of the revolving credit facility. In connection with the Amendment, the Company modified the promissory note evidencing the amounts borrowed under the Loan Agreement to extend the maturity date from 7/30/17 to 5/01/19. Also GRBK Frisco LLC entered into a Guaranty Agreement, dated 5/03/16, to guarantee amounts outstanding under the Loan Agreement and a Deed of Trust and Security Agreement, dated 5/03/16, creating a lien and security interest upon certain real property and personal property located in Frisco, Texas.
http://www.sec.gov/Archives/edgar/data/1373670/000162612916000616/grbk-8k_050316.htm
"Someone said it takes 30 years to be an instant success" - Gabriel Barbier-Mueller, CEO of Harwood International
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