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DAVEY TREE EXPERT CO FILES (8-K) Disclosing Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Financial Statements and Exhibits
Edgar Glimpses
Item 1.01 Entry into a Material Definitive Agreement
OnJune 30, 2022 ,The Davey Tree Expert Company ("Davey Tree" or the "Company") entered into a Tenth Amendment (the "Amendment") to the Receivables Financing Agreement, dated as ofMay 9, 2016 (the "RFA"), by and among: (i) Davey Tree, as initial Servicer, (ii)Davey Receivables LLC , anOhio limited liability company, special purpose entity and wholly-owned subsidiary of Davey Tree, as Borrower, and (iii)PNC Bank, National Association , asLC Bank and as Administrative Agent ("PNC"). The Amendment extends for another year, untilJune 29, 2023 , the scheduled termination date of the RFA, entered into by and among the parties listed above as part of an accounts receivable securitization program (the "AR Securitization Facility"), which was set to expireJune 30, 2022 , unless terminated earlier pursuant to the terms of the RFA. In addition to extending the termination date for another year, the Amendment replaces the London Interbank Offered Rate (LIBOR) interest rate provisions with customary provisions based on the secured overnight financing rate (SOFR) and maintained the Letter of Credit ("LC") issuance fee, payable on each settlement date, to the amount at .90% per annum on the aggregate amount of all LCs outstanding plus any Outstanding Reimbursement Obligations, as defined in the RFA. The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment, a copy of which is attached as Exhibit 10. 1 to this Current Report on Form 8-K 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
See the information set forth in Item 1.01 of this Current Report on Form 8-K,
which is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits Exhibit Number Description of Exhibit 1 0.1 Receivables Financing Agreement Amendment
No. 10, dated
among The Davey Tree Expert Company , Davey
National Association. * 104 Cover Page Interactive Data File * Certain of the schedules to this exhibit have been omitted in accordance with Regulation S-K Item 601(a)(5). The Company agrees to furnish a copy of all omitted exhibits and schedules to theSecurities and Exchange Commission upon its request.
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