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Debt (Tables)
 12 Months Ended
Oct. 02, 2021
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments The interest rate on the Term Loan Facility was (i) from the first amendment effective date until the first quarter ended on or about September 30, 2018, LIBOR plus 2.25%, and (ii) commencing with the fiscal quarter ended on or about September 30, 2018 and
thereafter, dependent on the Total Net Leverage Ratio ("TNLR") of the Company, an election of either base rate or LIBOR pursuant to the table below:
LevelTotal Net Leverage RatioABR LoansEurodollar Loans
ILess than 2.00x0.75%1.75%
IIGreater than or equal to 2.00x and less than 2.50x1.00%2.00%
IIIGreater than or equal to 2.50x and less than 3.00x1.25%2.25%
IVGreater than or equal to 3.00x and less than 3.25x1.50%2.50%
VGreater than or equal to 3.25x and less than 3.50x1.75%2.75%
VIGreater than 3.50x2.00%3.00%
Debt consisted of the following at the dates indicated:
(in thousands)October 2, 2021October 3, 2020
2023 term loans, net of deferred financing costs of $2,027 and $2,246, respectively
$164,423 $174,104 
Less: Current portion of long-term debt14,850 9,900 
Long-term debt, net of current portion$149,573 $164,204 
With respect to the financial performance covenants, during the Amended Limited Availability Period for the fiscal quarters ending January 1, 2022 through October 1, 2022, the TNLR requirement is not applicable, although it continues to impact the interest rate that is charged on outstanding borrowings as discussed below. Instead, the minimum consolidated EBITDA that the Company is required to maintain during the Amended Limited Availability Period has been updated to include fiscal 2022 as set forth in the table below (in millions):

PeriodMinimum Consolidated EBITDA
Fiscal quarter ending January 1, 2022$14.5
Fiscal quarter ending April 2, 2022$(4.5)
Fiscal quarter ending July 2, 2022$(6.8)
Fiscal quarter ending October 1, 2022$20.0
The minimum liquidity (in the form of undrawn availability under the Revolving Credit Facility and unrestricted cash and cash equivalents) that the Company must maintain during the Amended Limited Availability Period has been amended as set forth in the table below (in millions):

PeriodMinimum Liquidity
Fourth amendment effective date through January 1, 2022$10.0
January 2, 2022 through April 2, 2022$5.0
April 3, 2022 through July 2, 2022$15.0
Thereafter$20.0

Additionally, a new financial performance covenant was added in the Fourth Amended Credit Agreement, requiring that school bus units manufactured by the Company (“Units”) not fall below the pre-set thresholds set forth in the table below on a three month trailing basis (“Units Covenant”). The Units Covenant is triggered only if the Company’s liquidity for the most-recently ended fiscal month is less than $50 million during the Amended Limited Availability Period:

PeriodMinimum Units Manufactured
Three month period ending November 27, 20211,128
Three month period ending January 1, 2022776
Three month period ending January 29, 2022748
Three month period ending February 26, 2022727
Three month period ending April 2, 2022763
Three month period ending April 30, 20221,111
Three month period ending May 28, 20221,525
Three month period ending July 2, 20222,053
Three month period ending July30, 20222,072
Three month period ending August 27, 20222,199
Three month period ending October 1, 20212,306
The pricing grid in the Fourth Amended Credit Agreement, which is based on the TNLR, is determined in accordance with the amended pricing matrix set forth below:

LevelTotal Net Leverage RatioABR LoansEurodollar Loans
ILess than 2.00x0.75%1.75%
IIGreater than or equal to 2.00x and less than 2.50x1.00%2.00%
IIIGreater than or equal to 2.50x and less than 3.00x1.25%2.25%
IVGreater than or equal to 3.00x and less than 3.25x1.50%2.50%
VGreater than or equal to 3.25x and less than 3.50x1.75%2.75%
VIGreater than or equal to 3.50x and less than 4.50x2.00%3.00%
VIIGreater than or equal to 4.50x and less than 5.00x3.25%4.25%
VIIIGreater than 5.00x4.25%5.25%
Schedule of Maturities of Long-term Debt
The schedule of remaining principal maturities for the term loans is as follows:
(in thousands)
YearPrincipal Payments
2022$14,850 
2023151,600 
Total remaining principal payments$166,450