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ITT Educational Services Inc. Message Board

  • theprincipal49 theprincipal49 Aug 5, 2014 10:58 AM Flag

    The new Credit Agreement on August 1st states that September 28th is deadline to secure mortgages for the real estate property owned by ESI

    The credit agreement and letter of credit will not be given if ESI doesn't find buyers for these real estate properties by September 28th:

    The Fourth Amendment provides that:

    � Not later than September 28, 2014, or such later date as is agreed to by the administrative agent, the obligations of the Company under the Credit Agreement and for certain related bank products must be secured by mortgages on all of the real property owned by the Company as of the date of the Fourth Amendment, which consists of 30 separate parcels of land with improvements and fixtures thereon (along with real property described in the next paragraph, the "Mortgaged Property").

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10.35+1.35(+15.00%)Dec 19 4:11 PMEST

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