Company: TIPT
Filing Date: 2025-02-10
Form Type: 8-K
Source: 0001393726-25-000007
Chunk: 1

Company: TIPTREE INC.
Filing Date: 2025-02-10
Form: 8-K
Item: Item 1.01
Chunk 1
---
 affiliates, dispositions of assets and prepayment of certain indebtedness and (ii) Tiptree, including, but not limited to, limitations on changing its fiscal year-end, dispositions of assets and conduct of business, in each case, subject to customary exceptions. The Credit Agreement also contains a financial covenant which provides that Borrower will not permit its Term Loan LTV (as defined in the Credit Agreement) at any time to be greater than 45%.

The Credit Agreement also contains customary mandatory repayment provisions (subject to customary exceptions) and requires that all net cash proceeds from the sale by Tiptree, Borrower or any subsidiary of Tiptree, as applicable, of capital stock of Fortegra be applied to prepay the loans. Prepayments, whether mandatory or voluntary, reduce future scheduled amortization payments in direct order of maturity, unless otherwise elected by Borrower. The Credit Agreement also requires the payment of a Make-Whole Amount (as defined in the Credit Agreement) if within the first 12 months after closing all or any portion of the loans are subject to optional prepayments or certain mandatory prepayment of the loans.

The Credit Agreement contains events of default customary for similar financings with corresponding grace periods, including failure to pay any principal or interest when due, failure to perform or observe covenants, breaches of representations and warranties, certain cross defaults, certain bankruptcy-related events, monetary judgment defaults and a change of control. Upon the occurrence of an event of default, the outstanding obligations under the Credit Agreement may be accelerated and become immediately due and payable, subject to certain cure rights in respect of the financial covenant.

The foregoing description of the Credit Agreement, does not purport to be complete, and is qualified in its entirety by reference to the full text of the Credit Agreement, which is attached to this Current Report on Form 8-K as Exhibit 10.1 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.