ANGEL OAK MORTGAGE, INC. : Conclusion of a material definitive agreement (form 8-K)

Article 1.01. The conclusion of an important definitive agreement.

On August 6, 2021, Angel Oak Mortgage, Inc. (the "Company") and one of its
subsidiaries entered into Amendment No. 7 ("Amendment No. 7") to the Master
Repurchase Agreement (the "Nomura Loan Financing Line") with Nomura Corporate
Funding Americas, LLC ("Nomura"). Pursuant to Amendment No. 7 and a related side
letter, the Company, its subsidiary and Nomura agreed: (1) to extend the
termination date of the Nomura Loan Financing Line from December 3, 2021 to
August 5, 2022 (the "Initial Termination Date"); (2) to permit the Company and
its subsidiary to request three months prior to the Initial Termination Date to
extend the Nomura Loan Financing Line by up to 364 additional days, subject to
certain conditions being satisfied; (3) to adjust the pricing rate for certain
mortgage loans whereby upon the Company's or its subsidiary's repurchase of a
mortgage loan, the Company or its subsidiary is required to repay Nomura the
adjusted principal amount related to such mortgage loan plus accrued and unpaid
interest equal to the sum of (A) the greater of (i) the applicable LIBOR floor
and (ii) one-month LIBOR or three-month LIBOR (depending on the type of mortgage
loan) and (B) a spread generally ranging from 1.70% to 3.50% depending on the
type of loan; (4) that the aggregate repurchase price for (A) all eligible
"prime jumbo mortgage loans" and "agency mortgage loans" (together,
"Agency/Prime Jumbo Mortgage Loans") cannot exceed $125.0 million and (B) all
non-QM mortgage loans cannot exceed $225.0 million; and (5) Agency/Prime Jumbo
Mortgage Loans will not be subject to mark-to-market provisions but instead,
with respect to Agency/Prime Jumbo Mortgage Loans with a loan to value ratio
greater than 70% ("High LTV Agency/Prime Jumbo Loans"), a margin call is
triggered if the difference between (A) the ratio of (i) the sum of all
repurchase prices of High LTV Agency/Prime Jumbo Loans to (ii) the market value
of all High LTV Agency/Prime Jumbo Loans less (B) the ratio of (i) the sum of
all purchase prices of High LTV Agency/Prime Jumbo Loans to (ii) the market
value of all High LTV Agency/Prime Jumbo Loans exceeds 4%. A copy of Amendment
No. 7 is attached hereto as Exhibit 10.1 and incorporated herein by reference.
Item 9.01.  Financial Statements and Exhibits.
(d)  Exhibits
Exhibit No.  Description
Exhibit 10.1    Amendment No. 7 to the Master Repurchase Agreement by and

among Angel Oak Mortgage, Inc. , Angel Oak Mortgage Fund TRS and
Nomura Corporate Funding Americas, LLC dated August 6, 2021
Exhibit 104 Interactive cover page data file (integrated into the online XBRL document).

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