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Then, on July 10, 2020, our senior lender issued a reservation of rights letter related to these events of default.
−Removed: The primary event of default that triggered the reservation of rights letter is our failure to achieve Minimum EBITDA of $3,750,000 for the first quarter ending March 31, 2020, as required under Section 7 of the Credit Agreement, which failure was a result of impacts to our business driven primarily by COVID-19.
+Added: The primary event of default that triggered the reservation of rights letter was our failure to achieve Minimum EBITDA of $3,750 for the first quarter ending March 31, 2020, as required under Section 7 of the Credit Agreement, which failure was a result of impacts to our business driven primarily by COVID-19.
The other events of default were technical defaults resulting from the fact that we were either unaware that our senior lender was considering the failure to achieve Minimum EBITDA an event of default as of May 11, 2020 or because we were unaware that the senior lender was still requiring that we provide certain requested documents in connection with our banking relationship.
−Removed: Under the reservation of rights letter, the senior lender is accruing default interest from May 11, 2020, which we would have been required to pay on August 10, 2020.
+Added: Under the reservation of rights letter, the senior lender accrued default interest from May 11, 2020, which we would have been required to pay on August 10, 2020.
On August 10, 2020 we executed a waiver and amendment to the Credit Agreement, which is described in more detail under “Sources of Liquidity.” The amendment reset our financial covenants and waived the default in exchange for the payment of $9,750 in principal owed on our term loan and the payment of an amendment fee of $225 to our senior lender.
−Removed: Our senior lender also waived payment of a prepayment penalty.
+Added: Our senior lender also waived payment of a prepayment penalty in connection with the amendment.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.