ITEM 1.01 Entry into a Material Definitive Agreement.
On
The 2021 Amendment revises the Existing Receivables Purchase Agreement, among
other things, to: (i) reduce the available commitments from
The 2021 Receivables Purchase Agreement contains various financial and other covenants, including required minimum consolidated net worth (subject to termination when the terms of other material debt of Schneider or its subsidiaries do not contain a consolidated net worth covenant), consolidated net debt, consolidated interest coverage (effective upon termination of the consolidated net worth covenant as described above) and other affirmative and negative covenants customary for facilities of this type.
The foregoing description of the 2021 Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the 2021 Amendment, which is filed as Exhibit 10.1 to this report, and is incorporated by reference herein.
In the ordinary course of their respective businesses, some or all of the parties to the 2021 Receivables Purchase Agreement (including the 2021 Amendment) and their affiliates have engaged, and may in the future engage, in commercial banking, investment banking, financial advisory or other services with the Seller, Schneider and its other subsidiaries for which they have in the past or may in the future receive customary compensation and expense reimbursement.
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 of this Current Report on Form 8-K relating to the 2021 Amendment and the 2021 Receivables Purchase Agreement is incorporated herein by reference.
ITEM 9.01 Financial Statements and Exhibits.
(d) Exhibits. Exhibit No. Description of Exhibit 10.1 Amendment No. 3 to Amended and Restated Receivables Purchase Agreement dated as ofMarch 31, 2011 , as amended as ofDecember 17, 2013 and as further amended and restated as ofSeptember 5, 2018 , amongSchneider Receivables Corporation , as seller,Schneider National, Inc. , as the servicer,Wells Fargo Bank, N.A. , as administrative agent, and the purchasers party thereto. 104 The cover page from this Current Report on Form 8-K, formatted Inline XBRL
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