Item 8.01. Other Events.
On June 1, 2022, Summer Infant, Inc. (the "Company") and Summer Infant
(USA), Inc., as borrowers, and certain subsidiaries of the Company as
guarantors, entered into a letter agreement with Bank of America, N.A. ("Bank of
America") with respect to the Third Amended and Restated Loan and Security
Agreement, dated as of October 15, 2020 (as amended, restated, supplemented or
otherwise modified from time to time, the "Loan Agreement"), among the Company
and Summer Infant (USA), Inc., as borrowers, the guarantors from time to time
party thereto, and Bank of America, as agent and lender, pursuant to which the
parties agreed that, during the period from May 28, 2022 through July 2, 2022,
the maximum percentage of accounts owing from the Amazon Companies that may be
included in eligible accounts under the Loan Agreement shall be increased from
45% to 55%, and thereafter will be reduced back to 45%. A copy of the letter
agreement is filed herewith as Exhibit 10.1 and is incorporated herein by
reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit
Number Description
10.1 Letter Agreement, dated June 1, 2022, among Summer Infant, Inc. and
Summer Infant (USA), Inc., as borrowers, the guarantors from time to
time party thereto, and Bank of America, N.A., as agent and lender
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document)
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