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Research Solutions evaluating accessibility to revolving credit facilities
The Fly

Research Solutions evaluating accessibility to revolving credit facilities

Research Solutions (RSSS), the registrant, said in a regulatory filing that it "is aware of the recently publicized developments involving Silicon Valley Bank (SIVB) and the appointment of the Federal Deposit Insurance Corporation as receiver. Pursuant to that certain Amended and Restated Loan and Security Agreement dated October 31, 2017 among the Registrant, Reprints Desk, Inc. and SVB, the Registrant is required to direct account debtors to deliver or transmit all proceeds of accounts remitted to the Registrant and its subsidiaries into a lockbox account or such other account as specified by SVB, and to maintain its and its subsidiaries’ primary operating and other deposit accounts and primary securities/investments accounts with SVB and SVB’s affiliates, which accounts shall represent at least 85% of the dollar value of the Registrant’s and its subsidiaries’ accounts at all financial institutions. In compliance with the foregoing covenants the Registrant and its subsidiaries maintain with SVB substantially all of the dollar value of the Registrant’s and its subsidiaries’ accounts at all financial institutions. As stated in the Joint Statement by the Department of the Treasury, Federal Reserve and FDIC issued on Sunday, March 12, 2023, Secretary of the Treasury Janet L. Yellen approved actions enabling the FDIC to complete its resolution of Silicon Valley Bank, Santa Clara, California, in a manner that fully protects all depositors. Depositors will have access to all of their money starting Monday, March 13, 2023. While the Registrant had no outstanding borrowings under the SVB LSA as of March 10, 2023, the Registrant is evaluating future accessibility to revolving credit facilities in light of these developments."

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