Item 1.01 Entry into a Material Definitive Agreement.
On
The New Credit Agreement provides for a new senior secured credit facility in an
aggregate principal amount of
The New Revolving Loans bear interest at a rate per annum equal to, at the Company's option, either (i) LIBOR plus a margin based on the Company's Total Leverage Ratio (as defined in the New Credit Agreement) or (ii) the Base Rate (as defined in the New Credit Agreement) plus a margin based on the Company's Total Leverage Ratio. The margin will have ranges of between 1.00% and 2.625% for base rate loans and between 2.00% and 3.625% for LIBOR loans The Company will pay a commitment fee based on the average daily unused portion of the commitments under the New Revolving Credit Facility, a letter of credit fee equal to the margin then in effect with respect to the LIBOR loans under the New Revolving Credit Facility, a fronting fee and any customary documentary and processing charges for any letter of credit issued under the New Credit Agreement.
The New Revolving Credit Facility is not subject to amortization and will mature
on
The New Credit Agreement contains (i) certain customary representations and warranties, (ii) certain customary affirmative covenants, (iii) certain customary negative covenants and (iv) certain customary events of default, including certain events of bankruptcy. Upon and during the continuance of a bankruptcy event of default, each New Revolving Loan will bear interest at a rate per annum equal to 2% plus the rate that otherwise would be applicable to such New Revolving Loan.
The foregoing description of the terms of the New Credit Agreement is not a complete description thereof and is qualified in its entirety by the full text of such agreement which is filed as Exhibit 10.1 hereto and incorporated herein by reference.
Item 1.02 Termination of a Material Definitive Agreement.
The disclosure required by this Item 1.02 is included in Item 1.01 of this Current Report on Form 8-K and is incorporated herein by reference.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
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The disclosure required by this Item 2.03 is included in Item 1.01 of this Current Report on Form 8-K and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
Item 9.01(d) - Exhibits
Exhibit Number Description of Exhibit 10.1 Credit Agreement, dated as ofDecember 30, 2020 by and amongAssetMark Financial Holdings, Inc. , Bank of Montreal, as the Administrative Agent, the Guarantors party thereto, and the Lenders party thereto
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