Amendment Number Twelve to the Master Repurchase Agreement, between Velocity Commercial Capital, LLC and Citibank, N.A., dated May 17, 2013, as amended July 22, 2016
Exhibit 10.26
EXECUTION VERSION
AMENDMENT NUMBER TWELVE
to the
MASTER REPURCHASE AGREEMENT
Dated as of May 17, 2013,
between
VELOCITY COMMERCIAL CAPITAL, LLC
and
CITIBANK, N.A.
This AMENDMENT NUMBER TWELVE (this Amendment Number Twelve) is made this 22nd day of July, 2016, between VELOCITY COMMERCIAL CAPITAL, LLC (Seller) and CITIBANK, N.A. (Buyer), to the Master Repurchase Agreement, dated as of May 17, 2013, between Seller and Buyer, as such agreement may be amended from time to time (the Agreement). Capitalized terms used but not otherwise defined herein shall have the meanings assigned to such terms in the Agreement.
RECITALS
WHEREAS, Seller has requested that Buyer agree to amend the Agreement, and the Buyer has agreed, subject to the terms and conditions set forth herein; and
WHEREAS, as of the date hereof, Seller represents to Buyer that Seller is in full compliance with all of the terms and conditions of the Agreement and each other Program Document and no Default or Event of Default has occurred and is continuing under the Agreement or any other Program Document.
NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and for the mutual covenants herein contained, the parties hereto hereby agree as follows:
SECTION 1. Amendment. Effective as of July 22, 2016 (the Amendment Effective Date), the Agreement is hereby amended as follows:
(a) Section 2 of the Agreement is hereby amended by deleting the definitions of LIBO Base Rate and Termination Date in their entirety and replacing them with the following:
LIBO Base Rate shall mean the greater of (a) zero percent (0%), and (b) the rate determined daily by Buyer on the basis of the BBAs Interest Settlement Rate offered for one-month U.S. dollar deposits, as such rate appears on Bloomberg L.P.s page BBAM as of 11:00 a.m. (London time) on such date provided that if such rate does not appear on Bloomberg L.P.s page BBAM as of such time on such date, the rate for such date will be the rate determined by reference to the most recently published rate on Bloomberg L.P.s page BBAM; provided further that if such rate is no longer set on Bloomberg L.P.s page BBAM, the rate of such date will be determined by reference to such other comparable publicly available service publishing such rates as may be selected by Buyer in its sole discretion, which rates have performed or are expected by Buyer to perform in a manner substantially similar to the rate appearing on Bloomberg L.P.s page BBAM, and which rate will be communicated to Seller. Notwithstanding anything to the contrary herein, Buyer shall have the sole discretion to re-set the LIBO Base Rate on a daily basis.
Termination Date shall mean July 21, 2017 or such earlier date on which this Agreement shall terminate in accordance with the provisions hereof or by operation of law.
SECTION 2. Fees and Expenses. Seller agrees to pay to Buyer all reasonable out of pocket costs and expenses incurred by Buyer in connection with this Amendment Number Twelve (including all reasonable fees and out of pocket costs and expenses of the Buyers legal counsel) in accordance with Sections 23 and 25 of the Agreement.
SECTION 3. Representations. Seller hereby represents to Buyer that as of the date hereof, Seller is in full compliance with all of the terms and conditions of the Agreement and each other Program Document and no Default or Event of Default has occurred and is continuing under the Agreement or any other Program Document.
SECTION 4. Binding Effect; Governing Law. This Amendment Number Twelve shall be binding on and inure to the benefit of the parties hereto and their respective successors and permitted assigns. THIS AMENDMENT NUMBER TWELVE SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF (EXCEPT FOR SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW).
SECTION 5. Counterparts. This Amendment Number Twelve may be executed by each of the parties hereto on any number of separate counterparts, each of which shall be an original and all of which taken together shall constitute one and the same instrument.
SECTION 6. Limited Effect. Except as amended hereby, the Agreement shall continue in full force and effect in accordance with its terms. Reference to this Amendment Number Twelve need not be made in the Agreement or any other instrument or document executed in connection therewith, or in any certificate, letter or communication issued or made pursuant to, or with respect to, the Agreement, any reference in any of such items to the Agreement being sufficient to refer to the Agreement as amended hereby.
2
IN WITNESS WHEREOF, Seller and Buyer have caused this Amendment Number Twelve to be executed and delivered by their duly authorized officers as of the Amendment Effective Date.
VELOCITY COMMERCIAL CAPITAL, LLC (Seller) | ||
By: | /s/ Jeff Taylor | |
Name: | Jeff Taylor | |
Title: | Executive Vice President | |
CITIBANK, N.A. (Buyer) | ||
By: | ||
Name: | ||
Title: |
Amendment Twelve to MRA
IN WITNESS WHEREOF, Seller and Buyer have caused this Amendment Number Twelve to be executed and delivered by their duly authorized officers as of the Amendment Effective Date.
VELOCITY COMMERCIAL CAPITAL, LLC (Seller) | ||
By: | ||
Name: | ||
Title: | ||
CITIBANK, N.A. (Buyer) | ||
By: | /s/ Susan Mills | |
Name: | Susan Mills | |
Title: | Vice President | |
Citibank, N.A. |
Amendment Twelve to MRA