Company: CWAN
Filing Date: 2025-04-21
Form Type: 8-K
Source: 0001193125-25-087277
Chunk: 1

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-04-21
Form: 8-K
Item: Item 1.01
Chunk 1
---
 Loan Maturity Date, a principal amount of Initial Term Loans equal to 0.25% of the original principal amount of the Initial Term Loans on the Closing Date. The Credit Agreement includes provisions requiring customary mandatory prepayments, including, without limitation, arising from the incurrence of new debt or the receipt of proceeds from certain dispositions or casualty events, in each case, subject to customary exceptions for facilities of this type.

The obligations of the Borrower under the Credit Agreement are jointly and severally guaranteed by Holdings and Enfusion OpCo (collectively, the “ Guarantors”, and together with the Borrower, the “ Loan Parties”). The obligations of the Loan Parties are secured by a first priority lien on substantially all of their assets, subject to customary exceptions.

The Credit Agreement contains various conditions to borrowing and certain customary affirmative and negative covenants, including, without limitation, covenants that restrict the ability of Holdings, the Borrower and its Restricted Subsidiaries to incur debt, grant liens, make investments, make restricted payments and dispose of assets. Specifically, solely for the benefit of the Revolving Credit Facility, the Credit Agreement includes a financial covenant requiring the Borrower to maintain a First Lien Net Leverage Ratio of not more than 6.00:1.00 as of the last day of each Test Period commencing with the Test Period ending as of the first full fiscal quarter following the Closing Date. The Credit Agreement also contains customary events of default.

The Initial Term Loans will mature seven years after the Closing Date and the Revolving Commitments will terminate five years after the Closing Date.

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, a copy of which has been filed as Exhibit 10.1 to this Current Report on Form 8-K and which is incorporated by reference herein.

  Item 1.02.      Termination of a Material Definitive Agreement.  

Substantially concurrently with the closing of the Mergers, all loans and other obligations outstanding under the Credit Agreement, dated as of September 28, 2021 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time) (the “ Clearwater Existing Credit Agreement”), by and among CWAN Acquisition, LLC, Clearwater Analytics, LLC, the lenders and issuing banks party thereto and JPMorgan Chase Bank, N. A., as administrative agent, revolver agent