INNSUITES HOSPITALITY TRUST (NASDAQ:IHT) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01
| Entry Into a Material Definitive Agreement. |
On December 19, 2016, Tucson Hospitality Properties LLLP
(Tucson), a subsidiary of InnSuites Hospitality Trust (the Trust)
entered into a $422,000 credit card advance financing business
loan with American Express Bank, FSB (the Agreement) with a
maturity date of 365 days after the disbursement of the initial
loan. The agreement includes acceleration provisions upon default
and a loan fee/interest of 4% for a total repayment amount of
$438,880. The funds may be used for Tucson working capital. The
Trust and/or one or more of its subsidiaries may enter into
similar arrangements to add additional working capital to select
subsidiaries in the year ahead.
The foregoing description is not intended to be complete and is
qualified in its entirety by reference to the full text of the
Agreement, which is filed as Exhibit 10.1 to this Current Report
on Form 8-K and is incorporated herein by reference.
| Item 2.03 |
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
The information set forth above under Item 1.01 is hereby
incorporated by reference into this Item 2.03.
| Item 9.01 | Financial Statements and Exhibits. |
| (d) | Exhibits. |
| 10.1 |
Business Loan and Security Agreement, dated December 19, 2016, executed by Tucson Hospitality Properties LLLP as borrower, in favor of American Express Bank, FSB, as Lender. |
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