Company: CRD-A
Filing Date: 2025-12-08
Form Type: 8-K
Source: 0001104659-25-119103
Chunk: 1

Company: CRAWFORD & CO
Filing Date: 2025-12-08
Form: 8-K
Item: Item 1.01
Chunk 1
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 by a first priority lien (subject to liens permitted by the Credit Facility) on substantially
all of the personal property of us and the Guarantors as set forth in a Security and Pledge Agreement dated as of November 5, 2021,
and (ii) the obligations of the Foreign Borrowers are secured by a first priority lien on 100% of the capital stock of the Foreign
Borrowers.

The representations, covenants and events of default
in the Credit Facility are customary for financing transactions of this nature, including required compliance with a maximum consolidated
leverage ratio and a minimum interest coverage ratio (each as defined below).

The Company has two principal financial covenants
in the Credit Facility. The consolidated leverage ratio, defined as the ratio of (i) consolidated total funded debt minus unrestricted
cash to (ii) consolidated EBITDA for the four quarter period ending at the end of each fiscal quarter, must not be greater 4.50 to
1.00 at the end of each fiscal quarter. Also, the consolidated interest coverage ratio, defined as the ratio of (a) consolidated
EBITDA to (b) consolidated interest expense, must not be less than 2.50 to 1.00 for the four-quarter period ending at the end of
each fiscal quarter.

If the Company does not meet the covenant requirements
in the future, the Company will be in default under the Credit Facility. Upon the occurrence of an event of default, the lenders may terminate
the loan commitments, accelerate all loans and exercise any of their rights under the Credit Facility and ancillary documents.

The foregoing descriptions of the Third Amendment
to Credit Agreement dated December 2, 2025, which contains as Annex A, the conformed version of the Amended and Restated Credit Agreement
reflecting the amendments to date, is filed as Exhibit 10.1 to this Report and is incorporated herein by reference.

Item 2.03. Creation of a Direct Financial Obligation.