Item 1.01. Entry into a Material Definitive Agreement. OnOctober 23, 2020 ,Lamar Advertising Company's direct wholly owned subsidiaryLamar Media Corp. ("Lamar Media") and indirect wholly-owned special purpose subsidiaries,Lamar QRS Receivables, LLC andLamar TRS Receivables, LLC (collectively, the "SPEs") entered into the Fourth Amendment, dated as ofOctober 23, 2020 (the "Amendment") to the Receivables Financing Agreement datedDecember 18, 2018 , by and amongLamar Media , as Initial Servicer, the SPEs, as Borrowers,PNC Bank, National Association , as Administrative Agent and a Lender,PNC Capital Markets LLC , as Structuring Agent, and certain lenders from time to time party thereto (such agreement, as amended, the "Receivables Financing Agreement"). Capitalized terms not defined herein shall have the meanings set forth in the Receivables Financing Agreement. The Receivables Financing Agreement established a$175.0 million accounts receivable securitization program (the "Accounts Receivable Securitization Program"), maturing onDecember 17, 2021 . The Amendment increases the maximum three month average Delinquency Ratio generally to 13.00%, and up to 16.00% for up to two additional periods upon written notice fromLamar Media and increases the maximum three month average Dilution Ratio to 5.00% for the remaining term of the Accounts Receivable Securitization Program. The Amendment does not modify any other financial covenant. Additionally, the Amendment increases the Minimum Funding Threshold, which requires the SPEs to maintain minimum borrowings under the Accounts Receivable Securitization Program, with certain exceptions. The Administrative Agent and its affiliates perform various financial advisory, investment banking and commercial banking services from time to time forLamar Media and its affiliates, for which they receive customary fees. The Administrative Agent is a lender underLamar Media's senior credit facility, for which they receive customary fees and expense reimbursement in connection therewith. The description above is qualified in its entirety by the Amendment filed as Exhibit 10.1 to this Current Report on Form 8-K and 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 in Item 1.01 above 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 the Receivables Financing Agreement, dated as ofOctober 23, 2020 , amongLamar Media , as Initial Servicer, the SPEs, as Borrowers, andPNC Bank, National Association , as Administrative Agent and a Lender. 104 Cover Page Interactive Data File-(embedded within the Inline XBRL document).
--------------------------------------------------------------------------------
© Edgar Online, source