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EX-10 - EXHIBIT 10.1 - TOR MINERALS INTERNATIONAL INC | exhibit10.htm |
UNITED STATES |
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TOR Minerals International,
Inc. Delaware |
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0-17321 |
74-2081929 |
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(361) 883-5591 |
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Check the appropriate box below if the Form 8-K filing
is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (see General Instruction A.2.
below): |
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
On January 17, 2014, TOR Minerals International, Inc. (the "Company") entered into the third amendment (the "Amendment") with American Bank, N.A. (the "Lender"). Under the terms of the Amendment, which has an effective date of January 1, 2014, the Company is required to pledge a certificate of deposit in the amount of $350,000 as additional security against the outstanding loan balance of $910,447.00. In addition, the Company will be required to maintain a ratio of cash flow to debt service as follows:
1. at least 1.25 to
1.0 measured on a rolling four-quarter basis beginning with the four-quarter
period ending December 31, 2010,
and ending with the
four-quarter period ending September 30, 2013;
2. at least 1.0 to 1.0 for the four months ending April 30, 2014;
3. at least 1.0 to 1.0 for the six months ending June 30, 2014;
4. at least 1.0 to 1.0 for the nine months ending September 30, 2014;
5. at least 1.25 to 1.0 for the twelve months ending December 31, 2014; and
6. at least 1.25 to
1.0 measured on a rolling, four-quarter basis beginning with the four-quarter
period ending March 31, 2015,
and similarly measured at the end of each quarter
thereafter.
ITEM 2.03 CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT.
The information contained in Item 1.01 of this report is incorporated herein by reference.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
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Exhibit |
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Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto
duly authorized. |
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TOR MINERALS INTERNATIONAL, INC. |
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Date: January 22, 2014 |
/s/ BARBARA RUSSELL |
Barbara Russell |
EXHIBIT INDEX
Exhibit |
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