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SUBSEQUENT EVENT | 9 Months Ended
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Sep. 29, 2024
Subsequent Events [Abstract] |
Subsequent Event | SUBSEQUENT EVENT Credit Agreement On November 6, 2024, the Credit Agreement was amended through the Company's entry into the First Amendment to the Amended and Restated Credit Agreement with certain lenders, BMO Bank, N.A., as administrative agent, letter of credit issuer, and swing line lender, and BMO Capital Markets Corp., as sole lead arranger and sole book runner. The First Credit Amendment has a maturity of December 31, 2026. The First Credit Amendment provides for a revolving credit facility permitting the Company to borrow funds from time to time in an aggregate amount up to $20 million. The term loans with an outstanding principle balance of $37.4 million were outstanding under the Credit Agreement remain outstanding under the First Credit Amendment. The Company is required to repay the term loan in quarterly principal installments in an equal amount to 2.5% of the aggregate principal balance thereof. The First Credit Amendment provides for interest either at the Base Rate plus the Applicable Margin, or the Adjusted Term SOFR plus the Applicable Margin (in each case, as such terms are defined in the First Credit Amendment). The First Credit Amendment also provides for letter of credit fees and commitment fees as further described therein. The Company’s obligations under the First Credit Amendment are secured by a first priority security interest in substantially all of the Company's and its Subsidiaries' tangible and intangible property. The First Credit Amendment provides for an amended financial covenants with a maximum Leverage Ratio, a minimum Fixed Charge Coverage Ratio, and a minimum EBITDA (as such terms are defined in the First Credit Amendment), and also provides for, among other items, representations and warranties and affirmative and negative covenants, as described therein.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483399/855-10-50-2 + Details
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