Related Party Transactions

6 Months Ended

Jun. 30, 2021

(10)	Related Party Transactions

In June 2020, Mr. George Beasley, the Company’s

form

Chairman, provided a $5.0 million loan to the Company that accrued

payment-in-kind

interest at 6% per annum with no cash payments due until the loan’s maturity in December 2023. Mr. Beasley and GGB Family Limited Partnership also each entered into standby letters of credit in combined aggregate face amount of $5.0 million in favor of U.S. Bank, National Association for the benefit of the Company as a source of backup liquidity that could have been drawn by U.S. Bank, National Association in the event that the Company failed to maintain a minimum liquidity amount. The loan was repaid on February 2, 2021, using a portion of the proceeds from the Notes

offering (see Note 3).