Item 1.01. Entry into a Material Definitive Agreement.
On
In connection with the closing of the Amendment, on
The Amendment also amended the Mortgage Facility to, among other things: (i)
extend the maturity date of all loans incurred under the Mortgage Facility to
Also in connection with the Amendment, on
The Mortgage Facility contains usual and customary events of default, including cross defaults to other material indebtedness, change of control events and events of default customary for syndicated commercial credit facilities. Upon the occurrence of an Event of Default (as defined in the Mortgage Facility), the Company could be required to immediately repay all outstanding amounts under the Mortgage Facility.
Certain of the lenders under the Mortgage Facility are also parties to other existing lending arrangements with the Company and its subsidiaries. The Company and its affiliates also have commercial banking, investment banking, mortgage financing, retail lending and other lending relationships with certain of the lenders under the Mortgage Facility and/or affiliates of such lenders.
The foregoing summary of the Mortgage Facility and the A&R Subsidiary Guaranty does not purport to be complete and is qualified in its entirety by reference to the complete text of such agreements, copies of which are filed as exhibits to this Current Report on Form 8-K and incorporated into this Item 1.01 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 under Item 1.01 is incorporated by reference into this Item 2.03.
Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 10.1 Fourth Amendment to Credit Agreement and Lender Joinder, dated as ofNovember 17, 2022 , amongSonic Automotive, Inc. ; the subsidiaries ofSonic Automotive, Inc. named therein; each financial institution party thereto; andPNC Bank, National Association , as administrative agent and a lender. 10.2 Amended and Restated Subsidiary Guaranty Agreement, dated as ofNovember 17, 2022 , among the subsidiaries ofSonic Automotive, Inc. named therein; andPNC Bank, National Association , as administrative agent. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
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