Impac Mortgage Holdings,Inc. (OTCMKTS:IMPHO) Files An 8-K Entry into a Material Definitive Agreement

ME Staff 8-k
-
0

Impac Mortgage Holdings,Inc. (OTCMKTS:IMPHO) Files An 8-K Entry into a Material Definitive Agreement
Item 9.01 Entry into a Material Definitive Agreement.

On August17, 2017,Impac Mortgage Corp. (the “Borrower”), a subsidiary of Impac Mortgage Holdings,Inc. (the “Company”), issued a Line of Credit Promissory Note with Merchants Bank of Indiana (the “Lender”) providing for a revolving line of credit of $30.0 million (the “Line of Credit”). The Borrower is able to borrow up to 55% of the fair market value of Freddie Mac pledged mortgage servicing rights. The Loan of Credit has a term until May31, 2018 and will automatically renew for subsequent one year periods unless the Lender provides the Borrowers 150 days’ notice of its intention not to renew. Interest payments are payable monthly and accrue interest at the rate per annum equal to LIBOR plus 4.0% and the balance of the obligation may be prepaid at any time. The obligations under the Line of Credit are secured by Freddie Mac pledged mortgage servicing rights and Integrated Real Estate Services,Inc. is a guarantor.

The Loan Agreement is subject to customary affirmative and negative covenants of the Borrower, including financial covenants related to adjusted tangible net worth and leverage ratios, among others. Upon an event of default that is not cured, if applicable, all outstanding amounts under the Line of Credit may become immediately due and payable.

The description of the terms and conditions of the Loan Agreement set forth herein do not purport to be complete and are qualified in their entirety by reference to the terms of the Line of Credit Promissory Note Agreement.

Item 9.01 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth under Item 9.01 of this Current Report is hereby incorporated by reference into this Item 9.01.

Item 9.01 Financial Statements and Exhibits.

(d)Exhibits.

10.1

Line of Credit Promissory Note with Merchants Bank of Indiana, dated August17, 2017.

10.2

Security Agreement executed by Impac Mortgage Corp. in favor of Merchants Bank of Indiana, dated August17, 2017.


IMPAC MORTGAGE HOLDINGS INC Exhibit
EX-10.1 2 a17-20777_1ex10d1.htm EX-10.1 Exhibit 10.1   LINE OF CREDIT PROMISSORY NOTE   $30,…
To view the full exhibit click here

About Impac Mortgage Holdings,Inc. (OTCMKTS:IMPHO)

Impac Mortgage Holdings, Inc. is an independent residential mortgage lender. The Company operates through three segments: Mortgage Lending, Real Estate Services and Long-Term Mortgage Portfolio. It originates, sells and services conventional, conforming agency and Government insured residential mortgage loans. Its Real Estate Services segment provides various real estate related services and loss mitigation services, including managing distressed mortgage portfolios and foreclosed real estate assets; surveillance services for residential and multifamily mortgage portfolios; loan modification services, and the master servicing on various residential mortgage and multifamily loan pools for loans. It manages its long-term mortgage portfolio, which consists of residual interests in the securitization trusts reflected as trust assets and liabilities. Its Corporate segment includes corporate services groups, such as information technology, human resources, legal, facilities and accounting.