On May 30, 2013, Tandy Brands Accessories, Inc. and Wells Fargo Bank, National Association entered into an eighth amendment to credit and security agreement. The amendment extends the date for the company to refinance the indebtedness in full or raise additional cash equity in the amount of $10 million or more from May 31, 2013 to June 28, 2013 and adjusts the capital expenditures cap for the period between the execution date and the maturity date. The company has entered into non-binding term sheets with lenders to replace the existing credit agreement and continues to work with these lenders towards finalizing a new credit facility.