Item 1.01. Entry into a Material Definitive Agreement.
On
The Credit Facility is unsecured and repayable at maturity on
The Credit Facility contains customary representations and warranties and covenants for a transaction of this type, including covenants applicable to the Company and its subsidiaries limiting liens, substantial asset sales and mergers. Most of these restrictions are subject to certain minimum thresholds and exceptions. In addition, the Credit Facility contains customary events of default, including (subject to certain materiality thresholds and grace periods) payment default, failure to comply with covenants, material inaccuracy of any representation or warranty, bankruptcy or insolvency proceedings, change of control, ERISA matters and cross-acceleration to other debt agreements. The Company has unconditionally guaranteed the obligations of each other Borrower under the Credit Facility.
The above summary of the Credit Facility does not purport to be complete and is qualified in its entirety by reference to the full text of the Credit Facility, a copy of which has been filed as Exhibit 10.1 hereto.
Certain of the lenders and their affiliates have from time to time performed, and/or may in the future perform, for the Company and its subsidiaries, various banking, underwriting, and other financial services, for which they receive customary fees and expenses.
Item 1.02. Termination of a Material Definitive Agreement.
The information set forth above under Item 1.01 is hereby incorporated by reference in this Item 1.02.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under
Off-Balance Sheet Arrangement of a Registrant.
The information set forth above under Item 1.01 is hereby incorporated by reference in this Item 2.03.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits Exhibit No. Description 10.1 Credit Agreement, dated as ofFebruary 14, 2020 , by and amongW.W. Grainger, Inc. , the lenders party thereto and JPMorgan Chase, as Administrative Agent. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
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