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Debt (Tables) | 3 Months Ended
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Jan. 01, 2022
Debt Disclosure [Abstract] |
Schedule of Term Debt Instruments | Term debt consisted of the following at the dates indicated:
(in thousands of dollars) | January 1, 2022 |  | October 2, 2021
2023 term loan, net of deferred financing costs of $2,469 and $2,027, respectively | $ | 160,269 |  |  | $ | 164,423 |
Less: current portion of long-term debt | 16,088 |  |  | 14,850 |
Long-term debt, net of current portion | $ | 144,181 |  |  | $ | 149,573 |
Schedule of Maturities of Long-term Debt | The schedule of remaining principal payments through maturity for the term loans is as follows:
(in thousands of dollars)
Fiscal Year |  | Principal Payments
2022 |  | $ | 11,138 |
2023 |  | 151,600 |
Total remaining principal payments |  | $ | 162,738 |
Schedule of Debt Covenant Requirements | Instead, the minimum consolidated EBITDA that the Company is required to maintain during the Amended Limited Availability Period was updated to include fiscal 2022 as set forth in the table below (in millions):
| Period |  | Minimum 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 was amended as set forth in the table below (in millions):
Period |  | Minimum 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
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:
Period |  | Minimum Units Manufactured
Three month period ending November 27, 2021 |  | 1,128
Three month period ending January 1, 2022 |  | 776
Three month period ending January 29, 2022 |  | 748
Three month period ending February 26, 2022 |  | 727
Three month period ending April 2, 2022 |  | 763
Three month period ending April 30, 2022 |  | 1,111
Three month period ending May 28, 2022 |  | 1,525
Three month period ending July 2, 2022 |  | 2,053
Three month period ending July30, 2022 |  | 2,072
Three month period ending August 27, 2022 |  | 2,199
Three month period ending October 1, 2021 |  | 2,306
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:
Level |  | Total Net Leverage Ratio |  | ABR Loans |  | Eurodollar Loans
I |  | Less than 2.00x |  | 0.75% |  | 1.75%
II |  | Greater than or equal to 2.00x and less than 2.50x |  | 1.00% |  | 2.00%
III |  | Greater than or equal to 2.50x and less than 3.00x |  | 1.25% |  | 2.25%
IV |  | Greater than or equal to 3.00x and less than 3.25x |  | 1.50% |  | 2.50%
V |  | Greater than or equal to 3.25x and less than 3.50x |  | 1.75% |  | 2.75%
VI |  | Greater than or equal to 3.50x and less than 4.50x |  | 2.00% |  | 3.00%
VII |  | Greater than or equal to 4.50x and less than 5.00x |  | 3.25% |  | 4.25%
VIII |  | Greater than 5.00x |  | 4.25% |  | 5.25%

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- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=124435984&loc=d3e28541-108399 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21506-112644 Reference 5: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 55 -Paragraph 69B -URI http://asc.fasb.org/extlink&oid=123466577&loc=SL123495735-112612 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=124435984&loc=d3e28551-108399 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 55 -Paragraph 69E -URI http://asc.fasb.org/extlink&oid=123466577&loc=SL123495743-112612 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21521-112644 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21538-112644 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21475-112644 + Details
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