Item 1.02. Termination of a Material Definitive Agreement.
As previously disclosed, on January 19, 2021, Affirm Holdings, Inc., a Delaware
corporation (the "Company"), and Affirm, Inc., a Delaware corporation and
wholly-owned subsidiary of the Company, as borrower, entered into a Revolving
Credit Agreement (the "Credit Agreement"), with the lenders from time to time
party thereto (the "Lenders"), and Morgan Stanley Senior Funding, Inc., as
administrative agent (the "Administrative Agent").
On December 10, 2021, the Company provided the Administrative Agent with written
notice terminating the Credit Agreement, effective December 15, 2021. The Credit
Agreement had no amount outstanding at the time of termination, and no early
termination penalties were incurred by the Company. The termination of the
Credit Agreement, which provided for an initial aggregate commitment by the
Lenders of $185 million, follows a reassessment of the Company's capital
resources subsequent to the issuance of $1.725 billion aggregate principal
amount of the Company's 0% Convertible Senior Notes due 2026 on November 23,
2021.
The Administrative Agent, certain of the Lenders and/or their respective
affiliates, in each case, have performed, and may in the future perform, for the
Company and its affiliates, various commercial banking, investment banking,
underwriting, trust, lending and other financial advisory services.
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