Clause 1.01 Conclusion of Substantial Final Agreement.
mandatory funding mechanism with
The amount provided by Veritex for each eligible loan is based on the outstanding principal, the loan-to-loan ratio and the borrower’s FICO score, and ranges from 80.00% to 92.50% depending on the type of loan. credit and the above criteria. The interest rate on any outstanding balance under the Loan Documents is the higher of (1) the sum of (A) the monthly LIBOR and (B) 2.30% and (2) 3.13%. The obligations of the Borrowers under the Loan Documents are guaranteed by the Company in accordance with the Guarantee Agreement (“Guarantee”), concluded simultaneously with the Loan Documents. In addition, the Company is subject to various financial and other conditions, including as of the last day of any financial quarter: (1) the Company’s tangible net worth must be at least equal to
In addition, Loan Documents contain default events (subject to certain materiality thresholds and grace periods), including non-payment, violation of covenants and / or certain statements and guarantees, cross-default, bankruptcy or insolvency proceedings and other common default events. … for this type of transaction. Remedies in such defaults are also common in this type of transaction and include accelerated repayment of principal under Loan Documents and Veritex’s right to liquidate collateral in accordance with the Loan Documents.
Borrowers are also required to pay certain ordinary fees to Veritex and reimburse Veritex for certain costs and expenses incurred in connection with the management of Veritex and the ongoing administration of the Veritex Facility Line.
A copy of the Loan and Security Agreement is attached to this document as Appendix 10.1 and is incorporated herein by reference. A copy of the bill of exchange is attached to this document as Appendix 10.2 and is incorporated herein by reference. A copy of the Warranty is attached to this document as Appendix 10.3 and is incorporated by reference.
Clause 2.03. Creation of a direct financial liability or an off-balance sheet transaction obligation of the domain owner. The information required by Clause 2.03 contained in Clause 1.01 of this Form 8-K Report is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description Exhibit 10.1 Loan and Security Agreement among Angel Oak Mortgage Operating
Partnership, LP, Angel Oak Mortgage REIT TRS, LLC, Angel Oak Mortgage Fund TRSand Veritex Community Bank, dated August 1 6 , 2021
Appendix 10.2. Promissory note issued
Appendix 10.3 Warranty agreement concluded
Appendix 104 An interactive cover page data file (embedded in an embedded XBRL document).
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