CARROLS RESTAURANT GROUP, INC. : Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an…

ITEM 1.01. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.

On September 30, 2021, Carrols Restaurant Group, Inc. (the "Company") enteredinto the Eighth Amendment to Credit Agreement (the "Eighth Amendment") among theCompany, as borrower, certain subsidiaries of the Company (collectively, the"Guarantors"), as guarantors, Wells Fargo Bank, National Association (the"Administrative Agent"), as administrative agent, and the lenders party theretoas further described in "Item 2.03. Creation of a Direct Financial Obligation oran Obligation Under an Off-Balance Sheet Arrangement of a Registrant" which isincorporated by reference in this Item 1.01.

ITEM 2.03. CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER ANOFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT.

The Eighth Amendment amends the Credit Agreement dated as of April 30, 2019among the Company, the Guarantors, the Administrative Agent and the lendersparty thereto (as previously amended by the First Amendment to Credit Agreementdated as of December 13, 2019 among the Company, the Guarantors, theAdministrative Agent and the lenders party thereto, the Second Amendment toCredit Agreement dated as of March 25, 2020 among the Company, the Guarantors,the Administrative Agent and the lenders party thereto, the Third Amendment toCredit Agreement dated as of April 8, 2020 among the Company, the Guarantors,the Administrative Agent and the lenders party thereto, the Fourth Amendment toCredit Agreement dated as of April 16, 2020 among the Company, the Guarantors,the Administrative Agent and the lenders party thereto, the Fifth Amendment toCredit Agreement dated as of June 23, 2020 among the Company, the Guarantors,the Administrative Agent and the lenders party thereto, the Sixth Amendment toCredit Agreement dated as of April 6, 2021 among the Company, the Guarantors,the Administrative Agent and the lenders party thereto, and the SeventhAmendment to Credit Agreement dated as of June 28, 2021 among the Company, theGuarantors, the Administrative Agent and the lenders party thereto, as furtheramended from time to time, the "Credit Agreement"). Capitalized terms usedherein and not defined shall have the meanings set forth in the CreditAgreement.

The Eighth Amendment increased the aggregate maximum commitments available forrevolving credit borrowings under the revolving credit facility by $40,000,000to a total of $215,000,000.

As of September 29, 2021, there were $47.1 million in revolving creditborrowings outstanding and $9.0 million of letters of credit were issued underour revolving credit facility.

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.

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CARROLS RESTAURANT GROUP, INC. : Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an...