Monaker Group, Inc. (OTCMKTS:MKGI) Files An 8-K Entry into a Material Definitive AgreementItem 9.01
Republic Line of Credit
On September 15, 2017, Monaker Group, Inc. (the “Company”, “we” and “us”), entered into a replacement revolving line of credit agreement (the “Line of Credit”) with Republic Bank, Inc. of Duluth, Minnesota (“Republic”), which replaced and superseded our prior line of credit with Republic originally entered into in June 2016 and amended from time to time. The Line of Credit is in an amount of up to $1.2 million, which borrowed amount is due and payable by us on September 15, 2018 (previously the amounts due under the line of credit were due on September 13, 2017). Amounts borrowed under the Line of Credit accrue interest at the Wall Street Journal U.S. Prime Rate plus 1% (updated daily until maturity), payable monthly in arrears beginning on October 15, 2017. The loan contains standard and customary events of default and no financial covenants. From June 16, 2016 through May 31, 2017, we have made draws of $1,193,000 under the line of credit.
The foregoing description of the Line of Credit, is not complete and is qualified in its entirety by reference to the full text thereof, filed asExhibit 10.1 to this Current Report on Form 8-K, and is incorporated by reference in thisItem 9.01.
Item 9.01
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information in Item 9.01 regarding the Line of Credit is incorporated in this Item 9.01 by reference.
Item 9.01
Financial Statements and Exhibits.
(d) Exhibits
| Exhibit Number | Description |
| 10.1* | Line of Credit Agreement dated September 15, 2017 by and between Monaker Group, Inc. and Republic Bank, Inc. |
| * Filed herewith. |
Monaker Group, Inc. ExhibitEX-10.1 2 ex10-1.htm LINE OF CREDIT AGREEMENT Monaker Group,…To view the full exhibit click here
About Monaker Group, Inc. (OTCMKTS:MKGI)
Monaker Group, Inc., formerly Next 1 Interactive, Inc., is a technology driven travel and logistics company. The Company operates NextTrip.com, an online marketplace for the alternative lodging rental (ALR) industry. It operates through a segment consisting of various products and services related to its online marketplace of travel and related logistics, including destination tours/activities, accommodation rental listings, hotel listings, air and car rental. Its NextTrip.com has a capacity of uniting a range of travelers seeking ALR online with property owners and managers. As of February 29, 2016, the Company operated its online marketplace through 115 Websites in 16 languages, with Websites in Europe, Asia, South America and the United States. As of February 29, 2016, its global marketplace included approximately 100,000 paid listings on subscriptions and contracted with over 1.1 million listings under the performance based listing arrangement ALRs.
