Quarterly report pursuant to Section 13 or 15(d)

Note 3 - Financed Receivables

Note 3 - Financed Receivables
9 Months Ended
Dec. 26, 2020
Notes to Financial Statements  
Debt Disclosure [Text Block]
      Financed Receivables
March 11, 2019,
the Company entered into an Amended and Restated Business Financing Agreement (the “Restated Financing Agreement”) with Western Alliance Bank, as successor to Bridge Bank. The Restated Financing Agreement amends, restates and replaces a credit agreement with Bridge Bank dated
May 6, 2015 (
as previously amended, the “Previous Financing Agreement”) in its entirety.
Under the Restated Financing Agreement, Western Alliance Bank
advance up to
of the amounts of invoices issued by the Company, up to a maximum of
million in aggregate advances outstanding at any time. The Restated Financing Agreement eliminated a
non-formula borrowing base and an asset coverage ratio financial covenant included in the Previous Financing Agreement.
Under the Restated Financing Agreement, interest accrues on outstanding amounts at an annual rate equal to
percent plus the greater of the prime rate or
The Company is required to pay certain fees, including an annual facility fee of
to be paid in
equal semiannual installments. The Company's obligations under the Restated Financing Agreement are secured by a security interest in substantially all of the assets of the Company and any domestic subsidiaries, subject to certain customary exceptions. The Restated Financing Agreement has
specified term and
be terminated by either the Company or Western Alliance Bank at any time.
The Restated Financing Agreement contains customary events of default, including, among others: non-payment of principal, interest or other amounts when due; providing false or misleading representations and information; Western Alliance Bank failing to have an enforceable
lien on the collateral; cross-defaults with certain other indebtedness; certain undischarged judgments; bankruptcy, insolvency or inability to pay debts; and a change of control of the Company. Upon the occurrence and during the continuance of an event of default, the interest rate on the outstanding borrowings increases by
basis points and Western Alliance Bank
declare the loans and all other obligations under the Restated Financing Agreement immediately due and payable.
As of
December 26, 2020
March 28, 2020,
the Company's total outstanding borrowings under the Restated Financing Agreement were
respectively, and are included in Loans payable, net of discounts and issuance costs on the Condensed Consolidated Balance Sheet.