Real Estate Services

restructuring affecting expense

“The aforementioned decreases in personnel expenses were partially offset by higher severance expenses, further disclosed in Note 2, Summary of Significant Accounting Policie s. ● Professional fees increased primarily due to higher investments in technology and our flagship websites. ● Other selling, operating and administrative expenses increased primarily due to an increase in bad debt expense and losses on sale and disposal of assets; mostly offset by a reduction in expenses from our annual REMAX agent convention and other events and decreased training costs.”

RMAX 10-K

restructuring

“This was partially offset by the settlement of an immaterial legal matter and an impairment recognized on an office lease in Canada, see Note 3, Leases , for additional information on our leases.”

RMAX 10-K

credit / rates affecting revenue

“We are also required to repay the term loans and reduce revolving commitments with (i) 100% of proceeds of any incurrence of additional debt not permitted by the Senior Secured Credit Facility, (ii) 100% of proceeds of asset sales and 100% of amounts recovered under insurance policies, subject to certain exceptions and a reinvestment right and (iii) 50% of Excess Cash Flow (or “ECF”) as defined in the Senior Secured Credit Facility, at the end of the applicable fiscal year if RE/MAX, LLC’s Total Leverage Ratio (or “TLR”) as defined in the Senior Secured Credit Facility, is in excess of 4.25:1.”

RMAX 10-Q