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LENDINGTREE INC

(TREE)
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LENDINGTREE, INC. : Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Other Events, Financial Statements and Exhibits (form 8-K)

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06/28/2019 | 04:50pm EDT

Item 1.01. Entry into a Material Definitive Agreement.

On June 24, 2019, LendingTree, LLC, a wholly-owned subsidiary of LendingTree, Inc. (the "Company"), entered into an amendment (the "Amendment") to its Amended and Restated Credit Agreement dated as of November 21, 2017, by and among LendingTree, LLC, the lenders party thereto, and SunTrust Bank, as administrative agent (the "Credit Agreement"). The Amendment amends Section 8.1(l) of the Credit Agreement to provide that any judgment or order for the payment of money in the aggregate in excess of the Threshold Amount (as defined in the Credit Agreement) but less than $74.8 million (plus any additional pre-judgment interest) with respect to the case originally styled as Residential Funding Company, LLC v Home Loan Center, Inc., No. 13-cv-3451 (U.S. Dist. Ct., Minn.), is not an event of default under that section. This summary of the Amendment does not purpose to be complete and is subject to and qualified in its entirety by reference to the text of the Amendment filed as Exhibit 10.1 to this Current Report on Form 8-K. See Item 8.01 below for further discussion of the cited litigation.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The disclosure in Item 1.01 above is incorporated herein by reference.

Item 8.01. Other Events.

On June 21, 2019, the court in ResCap Liquidating Trust v. Home Loan Center, Inc., Case No. 14-cv-1716 (U.S. Dist. Ct., Minn.), the successor to Residential Funding Company, LLC v Home Loan Center, Inc., No. 13-cv-3451 (U.S. Dist. Ct., Minn.), entered judgment against HLC in the amount of $68.5 million. The court's entry of judgment follows, and is inclusive of, the previously-disclosed jury verdict amount of $28.7 million, the court's previously-disclosed determination that the plaintiff is entitled to pre-verdict interest in the amount of $14.1 million, and the court's determination that the plaintiff is entitled to recovery of $23.1 million in attorneys and costs. The judgment also reflects post-verdict, pre-judgment interest of $2.6 million. As discussed in the Company's quarterly report on Form 10-Q filed with the SEC on April 29, 2019, HLC believes it has strong grounds for an appeal and HLC intends to vigorously pursue an appeal.

Item 9.01. Financial Statement and Exhibits.


(d) Exhibits.
Exhibit No.   Description
   10.1         First Amendment to Credit Agreement



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© Edgar Online, source Glimpses

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