Item 1.01. Entry into a Material Definitive Agreement.
On
Amendment No. 3 to the Agreement (the "Amendment") extends the term of the
Company's revolving credit facilities to
The Amendment also amends the distribution limitations under the Agreement to
renew the aggregate limit on the Company's repurchases of its common stock
permitted under the Agreement. As amended, the distribution limitations under
the Agreement allow the Company to repurchase shares of its common stock so long
as either: (a) the aggregate amount of repurchases after
Further, the Amendment increases the Company's permissible capital expenditure
amount from
Finally, the Amendment adds certain mechanics for the replacement of LIBOR as
the applicable benchmark interest rate under the Agreement, including mechanics
to transition upon the cessation of LIBOR to a rate based upon the secured
overnight financing rate ("SOFR") published by the
Certain members of the lending group under the Agreement, or their respective affiliates, have or may have various relationships with the Company and its subsidiaries involving the provision of a variety of financial services, including treasury management, commercial banking, trust, financial advisory or other financial and commercial services, for which they received, or will receive, customary fees and expenses.
The descriptions above are summaries and are qualified in their entirety by Amendment No. 3, which is filed as an exhibit to this report 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.
The information set forth above under Item 1.01 is hereby incorporated by reference into this Item 2.03.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
10.1 Third Amended and Restated Loan and Security Agreement datedSeptember 30, 2019 , amongAmerica's Car-Mart, Inc. , aTexas corporation, as Parent;Colonial Auto Finance, Inc. , anArkansas corporation,America's Car Mart, Inc. , anArkansas corporation, andTexas Car-Mart, Inc. , aTexas corporation, as Borrowers; and certain financial institutions, as Lenders, withBMO Harris Bank, N.A ., as Agent, Lead Arranger and Book Manager (Incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed with theSEC onOctober 1, 2019 ). 10.2 Amendment No. 1 to Third Amended and Restated Loan and Security Agreement datedOctober 29, 2020 , amongAmerica's Car-Mart, Inc. , aTexas corporation, as Parent;Colonial Auto Finance, Inc. , anArkansas corporation,America's Car Mart, Inc. , anArkansas corporation, andTexas Car-Mart, Inc. , aTexas corporation, as Borrowers; and certain financial institutions, as Lenders, withBMO Harris Bank, N.A ., as Agent, Lead Arranger and Book Manager (Incorporated by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K filed with theSEC onNovember 4, 2020 ). 10.3 Amendment No. 2 to Third Amended and Restated Loan and Security Agreement datedFebruary 10, 2021 , amongAmerica's Car-Mart, Inc. , aTexas corporation, as Parent;Colonial Auto Finance, Inc. , anArkansas corporation,America's Car Mart, Inc. , anArkansas corporation, andTexas Car-Mart, Inc. , aTexas corporation, as Borrowers; and certain financial institutions, as Lenders, withBMO Harris Bank, N.A ., as Agent, Lead Arranger and Book Manager (Incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed with theSEC onFebruary 16, 2021 ). 10.4 Amendment No. 3 to Third Amended and Restated Loan and Security Agreement datedSeptember 29, 2021 , amongAmerica's Car-Mart, Inc. , aTexas corporation, as Parent;Colonial Auto Finance, Inc. , anArkansas corporation,America's Car Mart, Inc. , anArkansas corporation, andTexas Car-Mart, Inc. , aTexas corporation, as Borrowers; and certain financial institutions, as Lenders, withBMO Harris Bank, N.A ., as Agent, Lead Arranger and Book Manager. 99.1 Press release announcing Amendment No. 3 to the Third Amended and Restated Loan and Security Agreement. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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