Company: BCG
Filing Date: 2025-04-03
Form Type: S-1/A
Source: 0001410578-25-000637
Chunk: 164

Company: Binah Capital Group, Inc.
Filing Date: 2025-04-03
Form: S-1/A
Chunk 164
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2027 | ​ |   |   321 |
| ​    | ​ | $ | 1,021 |

10. DEBT On April 2, 2020, the Company entered into a Credit Agreement (the “Credit Agreement”) with Oak Street Funding LLC (“Oak Street”) in the amount of $ 25 million. This note payable bears interest at the prime rate plus 2.25% and has a 10 - year term and a 3 - month interest only repayment provision. As of December 31, 2024 and 2023, the outstanding balance of the Oak Street note, net of unamortized debt issuance costs was $ 0.0 million and $ 17.6 million, respectively. On April 25, 2021, the Company entered into an additional promissory note with Oak Street in the amount of $ 4.1 million related to the acquisition of WEG (“WEG Note”). This note payable bears interest at the prime rate plus 2.25% and has a 10 - year term. As of December 31, 2024 and 2023, the outstanding balance of this note, net of unamortized debt issuance costs was $ 0.0 million and $ 3.2 million, respectively. Under the Oak Street notes, the Company was subject to certain covenants as defined in the agreements. As of December 31, 2023 and during the year ending December 31, 2024 the Company was in compliance with all financial related covenants. Subsequent to December 31, 2023, and in connection with the closing of the Business Combination, the Company entered into an amendment to the Credit Agreement with Oak Street providing for, among other things, consenting to the Business Combination, and the payoff and restructuring of certain debt obligations. Additionally, the rate of interest being charged will increase at rate of 15% per annum until the interest rate reaches a maximum of 15.00% , provided that in no event the interest rate will not be less than 10.75% (the “Floor”). Additionally, in connection with the amendment the Company has agreed to pay a fee equal to $ 0.14 million (the “Deferred Fee”), which is due and payable in the amounts of $ 0.03 million and $ 0.12 million on June 12, 2024 and August 12, 2024, respectively. If the obligations under this Credit Agreement are