AMENDMENT NUMBER FOURTEEN
MASTER REPURCHASE AGREEMENT
Dated as of May 17, 2013,
VELOCITY COMMERCIAL CAPITAL, LLC
This AMENDMENT NUMBER FOURTEEN (this Amendment Number Fourteen) is made this 19th day of June, 2018, 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 (as amended, the Agreement). Capitalized terms used but not otherwise defined herein shall have the meanings assigned to such terms in the Agreement.
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 June 19, 2018 (the Amendment Effective Date), the Agreement is hereby amended as follows:
(a) The definition of Post-Default Rate in Section 2 of the Agreement is hereby amended by deleting the term LIBO Rate and replacing such term with Libo Base Rate.
(b) Section 2 of the Agreement is hereby amended by deleting the definitions of Servicer and Underwriting Guidelines, and replacing each of them with the following, as applicable:
Servicer shall mean Nationstar Mortgage LLC d/b/a Mr. Cooper, or another servicer approved by Buyer.
Underwriting Guidelines shall mean the applicable underwriting guidelines of Seller, including with respect to Residential Transition Loans, the Residential Transition Loan Underwriting Guidelines, in each case as the same may be amended, supplemented or otherwise modified from time to time in accordance with terms of this Agreement and approved by Buyer.
(c) Section 2 of the Agreement is hereby amended by adding new definitions of Holdback Account, Holdback Account Control Agreement, Holdback Amount, Residential Transition Loan and Residential Transition Loan Underwriting Guidelines, in each case in the appropriate respective alphabetical order, to read in their entirety as follows:
Disbursed Holdback Amount shall mean, with respect to any Residential Transition Loan, any Holdback Amount disbursed by Seller or the applicable Servicer to the related Mortgagor in accordance with the applicable Loan Documents.