Clear Secure, Inc. (NYSE: YOU) filed a Form 8-K with the U.S. Securities and Exchange Commission dated June 23, 2026, reporting under Item 1.01 (Entry into a Material Definitive Agreement) and Item 2.03 (Creation of a Direct Financial Obligation) that its operating subsidiary, Alclear Holdings, LLC, had signed Amendment No. 4 to its existing credit agreement. The amendment, effective June 23, 2026, modifies a revolving facility originally dated March 31, 2020, and is administered by JPMorgan Chase Bank, N.A. as administrative agent and issuing bank. The filing names the biometric identity-verification and travel-technology company's subsidiary as the "Borrower" and lists certain other subsidiaries as "Pledgors," together the "Loan Parties." The form is signed by Chief Financial Officer Jennifer Hsu.

The disclosure under Item 1.01 sets out four pricing and structural changes plus a maturity extension. According to the filing, on the effective date the Loan Parties reduced the lender commitments under the credit agreement from $100,000,000 to $50,000,000; increased the letter-of-credit sublimit from $35,000,000 to $50,000,000; reduced the applicable margin from 2.50% per annum to 1.50% per annum on term SOFR loans and from 1.50% per annum to 0.50% per annum on base-rate loans; and reduced the unused commitment fee from 0.35% per annum to 0.25% per annum. The 8-K also states that the amendment deems certain existing letters of credit as issued under the revolving credit facility's letter-of-credit sublimit.

"In addition, pursuant to the Amendment, the Borrower extended the maturity date of the Credit Agreement from June 28, 2026 to June 23, 2031."— Clear Secure, Inc., Form 8-K (June 23, 2026), source

Reading the form against its own terms, the maturity extension is the change that converts a near-term obligation into a multi-year one. The prior agreement was scheduled to mature on June 28, 2026 — five days after the effective date of this amendment. The amended facility now runs to June 23, 2031, a five-year extension executed at what would otherwise have been the expiry window. Framing is free; the filing is filed: rather than letting the 2020-vintage revolver lapse, the Loan Parties refinanced its terms and reset the clock. The 8-K does not characterize the company's reasons; it records the amended terms.

What the obligation is, and is not

It matters here to cite the instrument precisely. The facility is a revolving credit agreement with a letter-of-credit sublimit, not a term loan drawdown or a note issuance. Item 2.03, which covers the creation of a direct financial obligation, incorporates the Item 1.01 disclosure by reference rather than describing a separately funded borrowing. In plain terms, the 8-K documents the capacity, pricing, and tenor of a revolver and its letter-of-credit feature; it does not, on its face, disclose a specific outstanding principal balance drawn as of the effective date. The headline number — a $50,000,000 commitment — is the size of the available facility after the reduction, and the $50,000,000 letter-of-credit sublimit is the portion of that capacity usable for letters of credit. The amendment additionally deems certain existing letters of credit as issued under that sublimit, which folds prior standby instruments into the revised structure.

The pricing grid moves in one direction across every line the filing discloses. The term SOFR applicable margin drops by 100 basis points, from 2.50% to 1.50% per annum; the base-rate margin drops by the same 100 basis points, from 1.50% to 0.50% per annum; and the fee on undrawn capacity falls from 0.35% to 0.25% per annum. Cite the form and the period: each of these figures is stated in Item 1.01 of the June 23, 2026 8-K, expressed per annum. The simultaneous halving of total commitments — from $100 million to $50 million — alongside the lower draw pricing means the facility is both smaller and cheaper to carry on the terms disclosed. The 8-K does not provide a SOFR floor, leverage-based step-downs, or a full covenant schedule in the narrative; those terms, to the extent they exist, would live in the underlying amendment document.

Where the full terms reside

Under Item 9.01, the 8-K lists the operative legal document as Exhibit 10.1: "Amendment No. 4, dated as of June 23, 2026, to the Credit Agreement, dated March 31, 2020, by and among Alclear Holdings, LLC, the other loan parties thereto, the lenders party thereto and JPMorgan Chase Bank, N.A." Exhibit 104 is the cover-page Inline XBRL data file. The narrative in the body of the 8-K is a summary; the binding margin definitions, the SOFR mechanics, the conditions to borrowing, and any financial covenants are governed by the exhibit and the underlying credit agreement as previously amended. Readers tracing the complete obligation — including any drawn balance, covenant levels, or collateral package referenced by the "Pledgors" designation — should consult Exhibit 10.1 and prior amendments rather than rely on the summary alone.

Two registrant details anchor the filing. Clear Secure is incorporated in Delaware under Commission File Number 001-40568, with principal offices at 85 10th Avenue, 9th Floor, New York, NY. Its Class A common stock, par value $0.00001 per share, trades on the New York Stock Exchange under the symbol YOU. The borrowing entity in the credit agreement is the subsidiary Alclear Holdings, LLC — a distinction the filing maintains throughout, with the parent (Clear Secure, Inc.) as the SEC registrant and Alclear as the operating borrower. The form is dated June 23, 2026 and signed by Jennifer Hsu, Chief Financial Officer.

For a business that operates identity-verification lanes at airports and venues, a revolving credit line and its letter-of-credit sublimit are working-capital and standby instruments rather than growth-capital raises. The 8-K's disclosure is limited to the amended terms of that facility: a smaller commitment, lower draw and base-rate margins, a higher letter-of-credit sublimit, a lower unused-commitment fee, and a maturity reset to June 23, 2031. What the company does with the capacity, and how much of it is drawn, are questions the next periodic report — a 10-Q or 10-K — would address through the debt footnote. This 8-K records the change to the agreement; it does not quantify usage. The segment, as the company defines it, and the cash mechanics behind it remain matters for the financial statements rather than this current report.