Summary
Fidelity National Information Services, Inc. (FIS) filed an 8-K on December 21, 2010, to report the termination of a material definitive agreement. Specifically, on December 17, 2010, FIS's wholly-owned subsidiary, FIS Receivables SPV, LLC (SPV), terminated its commitments under the Receivables Purchase Agreement dated October 1, 2009. This agreement involved FIS as Servicer, certain subsidiaries as initial Receivables Administrators, SPV as Seller, various parties as Purchasers, and JPMorgan Chase Bank, N.A. as Administrative Agent and Collateral Agent.
Key Highlights
- 1Termination of a material definitive agreement: FIS's subsidiary, SPV, terminated the Receivables Purchase Agreement.
- 2Agreement dated October 1, 2009: The terminated agreement was established in late 2009.
- 3Unused commitments: All commitments under the terminated agreement were unused.
- 4Key parties involved: The agreement included FIS, its subsidiaries, SPV, various purchasers, and JPMorgan Chase Bank, N.A.
- 5No financial impact implied: The termination of unused commitments suggests no immediate financial disruption or obligation for FIS.
- 6Filing date: December 21, 2010, reporting an event effective December 17, 2010.
Frequently Asked Questions
The agreement terminated was the Receivables Purchase Agreement dated October 1, 2009.
FIS's wholly-owned subsidiary, FIS Receivables SPV, LLC (SPV), terminated the commitments under the agreement.
The report states that all commitments under the agreement were unused at the time of termination, suggesting no immediate financial obligations were being exited or impacting FIS.
For investors, this termination primarily signifies the unwinding of a credit facility or funding arrangement that was not being utilized. It suggests no operational or financial strain that necessitated the termination, and potentially simplifies FIS's contractual obligations.