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| UWBK > SEC Filings for UWBK > Form 8-K on 6-Oct-2009 | All Recent SEC Filings |
6-Oct-2009
Creation of a Direct Financial Obligation or an Obligation under an Of
Effective September 30, 2009, United Western Bancorp, Inc. (the "Company") entered into an Amendment to Credit Agreement (the "Amendment") to that certain Credit Agreement dated as of June 29, 2007, as amended by those certain Amendments to Credit Agreement dated June 30, 2008 and June 29, 2009 (the "Credit Agreement") with JPMorgan Chase Bank, N.A. ("Chase").
Pursuant to the terms of the Amendment, Chase approved an amendment to the Company's existing line of credit facility of up to $30 million, reducing such facility to one not to exceed (a) $25 million in aggregate principal amount outstanding at any one time from September 30, 2009 to November 29, 2009 and (b) $20 million in aggregate principal amount outstanding at any one time thereafter. To evidence this obligation, the Company executed a $25 million Line of Credit Note with Chase (the "Note"). The Note replaces the $30 million Line of Credit Note in which the Company made a $5 million dollar principal reduction payment.
The Amendment requires the Company to make a $5 million principal reduction on the Note on or before November 29, 2009. The remaining outstanding principal balance, plus interest under the Note is due on or before December 31, 2009.
The Note is secured by the capital stock of United Western Bank.
The foregoing is only a summary of the material terms of the Note and Amendment and does not purport to be complete, and is qualified in its entirety by reference to the Note and Amendment, a copy of each of which is attached to this Current Report on Form 8-K as Exhibits 10.1 and 10.2, respectively.
(d) Exhibits.
10.1 Line of Credit Note in the amount of $25,000,000.00 by and between United Western Bancorp, Inc. and JPMorgan Chase Bank, NA dated September 30, 2009.
10.2 Amendment to Credit Agreement by and between United Western Bancorp, Inc. and JPMorgan Chase Bank, NA dated September 30, 2009.
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