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GBLI > SEC Filings for GBLI > Form 8-K on 22-Jul-2013All Recent SEC Filings

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Form 8-K for GLOBAL INDEMNITY PLC


22-Jul-2013

Creation of a Direct Financial Obligation or an Obligation under an Off-Bala


Item 2.03 Creation of a Direct Financial Obligation or an Obligation under and Off-Balance Sheet Arrangement of a Registrant

On July 18, 2013, Global Indemnity plc, through its subsidiary Global Indemnity Group, Inc. (collectively "the Company"), borrowed $60.0 million pursuant to a daily credit margin borrowing facility entered into in April 2013. The borrowing rate is tied to LIBOR and is currently less than 1%. There are no immediate plans to repay the margin borrowing facility. Approximately $75.0 million in collateral was deposited to support the borrowing. The borrowing is subject to a maintenance margin, which is a minimum account balance that must be maintained. A decline in market conditions could require an additional deposit of collateral.

The margin facility contains customary events of default, including, without limitation, insolvency, failure to make required payments, failure to comply with any representations or warranties, failure to adequately assure future performance, and failure of a guarantor to perform under its guarantee.


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