Annual report pursuant to Section 13 and 15(d)

Subsequent Events

v3.3.1.900
Subsequent Events
12 Months Ended
Dec. 31, 2015
Subsequent Events [Abstract]  
Subsequent Events
Subsequent Events
 
On February 29, 2016, the Board of Directors of Ascent approved (1) the contribution to the stated capital of Monitronics of $88,000,000 of principal amount under the Ascent Intercompany Loan (the "Contribution"), (2) the payment by Monitronics to Ascent equal to all accrued but unpaid interest on the $100,000,000 outstanding principal amount under the Ascent Intercompany Loan, and (3) the issuance by Monitronics of an Amended and Restated Promissory Note in favor of Ascent in the original principal amount of $12,000,000 (the "A&R Intercompany Note"), which original principal amount represents the principal amount of the Ascent Intercompany Loan not contributed pursuant to the Contribution. The entire principal amount under the A&R Intercompany Note is due on October 1, 2020. The Company may prepay any portion of the balance of the A&R Intercompany Note at any time from time to time without fee, premium or penalty. Any unpaid balance of the A&R Intercompany Note bears interest at a rate equal to 12.5% per annum, payable semi-annually in cash in arrears. Borrowings under the A&R Intercompany Note constitute unsecured obligations of the Company.