On July 1, 2020, we entered into a Loan and Security Agreement (the “Loan Agreement”) with UMB Bank, N.A. (“UMB”) and we terminated our Credit Agreement, dated June 30, 2016, with JPMorgan Chase Bank, N.A., (as amended, the “Prior Credit Agreement”). Under the Loan Agreement we obtained a $3,000 term loan, with equal monthly payments fully amortized over three years, and interest at the LIBOR Rate + 4.50% with a floor of 5.50%, and a revolving credit facility, with a maximum commitment of $7,000 with interest at the LIBOR Rate + 3.75%, with a floor of 4.75%. The revolving credit facility will terminate on July 1, 2023, unless terminated earlier pursuant to the terms of the Loan Agreement. The loans are secured by all of the assets of the Company and all of its subsidiaries.

The Loan Agreement requires, among other affirmative, negative and financial covenants, that we maintain a Fixed Charge Coverage Ratio of no less than 1.20 to 1.0, determined on a monthly basis. The Loan Agreement also contains covenants typical of transactions of this type, including among others, limitations on the our ability to: create, incur or assume any indebtedness or lien on our assets; pay dividends or make other distributions; redeem, retire or acquire outstanding common stock, options, warrants or other rights; make fundamental changes to our corporate structure or business; make investments or sell assets; or engage in certain other activities as set forth in the Loan Agreement.

The Company was in compliance with the Loan Agreement financial covenants as of September 30, 2020.

As of September 30, 2020, our term loan and revolving credit facility had an outstanding balance of $2,730 and $2,833, respectively, with an all-in interest rate of 5.50% and 4.75%, respectively. Unamortized loan costs were $532 as of September 30, 2020.

As of September 30, 2020, the total principal payments due on our outstanding debt were as follows:

	Revolving Credit Facility		Term Loan		Total
2020 (remaining)	$	-	$	250	$	250
2021		-		1,000		1,000
2022		-		1,000		1,000
2023		2,833		480		3,313
Total minimum principal payments	$	2,833	$	2,730	$	5,563