{"url_path":"/sec/prka/8-k/2026-06-30/item-1-01","section_key":"item-1-01","section_title":"Item 1.01 Entry into a Material Definitive Agreement.**","topic":"sec","document":{"doc_type":"8-K/A","doc_date":"2026-06-30","source_url":"https://www.sec.gov/Archives/edgar/data/1297937/0001493152-26-031293-index.html","accession_number":"0001493152-26-031293","cik":"0001297937","ticker":"PRKA","issuer_name":"PARKS AMERICA, INC","edgar_url":"https://www.sec.gov/Archives/edgar/data/1297937/0001493152-26-031293-index.html","primary_entity_key":"0001297937","primary_entity_name":"PARKS AMERICA, INC"},"word_count":519,"has_tables":true,"body_markdown":"**Item\n1.01. Entry into a Material Definitive Agreement.**\n\n \n\nOn\nJune 17, 2026, Aggieland-Parks, Inc., a wholly owned subsidiary of Parks! America, Inc., completed a refinancing transaction (“2026\nRefinancing”) with Cendera Bank. The 2026 Refinancing is the First Modification of the Term Loan\nAgreement dated September 30, 2024 between Aggieland-Parks, Inc. and Cendera Bank, N.A., predecessor to Cendera Bank (the\n“2026 Term Loan”).\n\n \n\nThe\n2026 Term Loan has a principal balance of $2.33 million and will mature on June 1, 2033. The 2026 Term Loan has a term of seven years,\nwith a 25-year amortization, and a ballon payment of the outstanding principal balance due on June 1, 2033. The initial monthly loan\npayment is estimated to be $16,561.\n\n \n\nThe applicable interest rate of the 2026 Term Loan\nis based on an adjusted rate equal to the Chicago Mercantile Exchange (“CME”) 1-month term Secured Overnight Financing Rate\n(“SOFR”) plus 2.70%. The CME 1-month term SOFR was 3.64% as of June 17, 2026 providing an initial interest rate of 6.34%.\nConcurrently, Aggieland-Parks, Inc. entered into a Promissory Note Rate Conversion Agreement with third-party provider, SouthState Bank,\nN.A., doing business as ARC Fixed Rate Provider. The Promissory Note Rate Conversion Agreement is coterminous with the 2026 Term Loan\nand effectively converts the variable adjusted rate interest payments into a fixed rate obligation, resulting in a fixed interest rate\nof 6.99% over the term of the loan.\n\n \n\nAggieland-Parks,\nInc. paid approximately $14,900 in fees and expenses in connection with the 2026 Term Loan.\n\n \n\nThe\n2026 Term Loan is secured by substantially all the Aggieland-Parks, Inc assets. Pursuant the Guaranty Agreement, the 2026 Term Loan is\nguaranteed by the parent company, Parks! America, Inc. The 2026 Refinancing removes the requirement of the cash collateral reserve of\n$2.5 million established by Focused Compounding Fund, L.P. with Cendera Bank included in the original Term Loan Agreement\ndated September 30, 2024.\n\n \n\nThe\nGuaranty Agreement and First Modification of Loan Agreement are subject to certain financial covenants including that, Parks! America,\nInc., as guarantor, and Aggieland Parks, Inc., as borrower, independently maintain a minimum Debt Service Coverage Ratio of at least\n1.20 to 1.00 on a trailing twelve-month basis. Both the Guaranty\nAgreement and First Modification of Loan Agreement contain certain affirmative covenants, including, among other things, reporting\nrequirements such as delivery of financial statements, federal or state income tax filings and such other reports.\n\n \n\nThe\n2026 Term Loan includes customary events of default including non-payment of principal, interest or fees, violation of covenants, inaccuracy\nof representations or warranties, cross default to certain other material indebtedness, bankruptcy and insolvency events, invalidity\nor impairment of guarantees or security interests.\n\n \n\nThe\nforegoing description of the 2026 Term Loan is only a summary of the material terms thereof, does not purport to be complete and is qualified\nin its entirety by reference to the [Amended and Restated Promissory Note](ex10-1.htm), [Exhibit\nA to Promissory Note Rate Conversion Agreement.](ex10-2.htm) [Guaranty Agreement and the Annex 1 to First Modification of\nLoan Documents](ex10-3.htm), filed as Exhibits [10.1](ex10-1.htm), [10.2](ex10-2.htm),\n[10.3](ex10-3.htm) and [10.4](ex10-4.htm), respectively, to this Current Report on Form 8-K, which are incorporated\nherein by reference."}