Item 1.01 Entry into a Material Definitive Agreement.
On
The Company may request up to three (3) draws (each, an "Advance") under the
Term Loan in
Borrowings under the Term Loan will bear interest, at the Company's option, calculated according to a Base Rate or a Eurodollar Rate, as the case may be, plus an Applicable Rate. The Applicable Rate on a Base Rate Loan is 0.00%, and the Applicable Rate on a Eurodollar Rate Loan is 0.70%.
In addition, in the event that the funding of the full principal amount of the
Term Loan does not occur on or before
The Term Loan contains customary representations, warranties and covenants for a
transaction of this type, including a financial covenant concerning the ratio of
Consolidated Adjusted Funded Debt to Consolidated EBITDAR, as set forth in the
Credit Agreement dated as of
The Term Loan also contains customary events of default, including a cross-default provision and a change of control provision. In the event of a default, the administrative agent shall, at the request of, or may, with the consent of, the required lenders, declare the obligations under the Term Loan immediately due and payable and the commitments of the lenders may be terminated. For certain events of default relating to insolvency and receivership, the commitments of the lenders are automatically terminated, and all outstanding obligations become due and payable.
The foregoing description of the Term Loan does not purport to be complete and is qualified in its entirety by reference to the full text of the Term Loan, a copy of which is attached hereto as Exhibit 10.1 and incorporated herein by reference.
Certain lender parties to the Term Loan and certain of their respective affiliates have performed in the past and may from time to time perform in the future, banking, investment banking and other advisory services for the Company and its affiliates for which they have received, and/or will receive, customary fees and expenses.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The disclosure required by this Item and included in Item 1.01 is incorporated by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits. Exhibit No. Description 10.1 364-day term loan facility, dated as ofApril 22, 2021 , by and betweenLowe's Companies, Inc. andWells Fargo Bank, National Association .
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