Item 1.01 Entry into a Material Definitive Agreement
On March 22, 2022, First Foundation Inc. (the “Company”) entered into the Fifth Amendment to Loan Agreement (the “Fifth Amendment”) with NexBank, a Texas savings bank, which amends the Loan Agreement, dated as of February 8, 2017, as amended by the First Amendment to Loan Agreement, dated as of May 18, 2017, the Second Amendment to Loan Agreement, dated as of April 6, 2018, the Third Amendment to Loan Agreement, dated as of October 30, 2018, and the Fourth Amendment to Loan Agreement, dated as of May 31, 2019 (collectively the “Loan Agreement”), to, among other things: (1) decrease the maximum amount available under the borrowing arrangement to $20,000,000, (2) remove references to the LIBOR rate and provide that the Loan will accrue interest at a variable interest rate based on the Wall Street Journal’s Prime Rate plus 50 basis points, and (3) extend the maturity date to February 7, 2023. All terms not defined herein have the definitions set forth in the Loan Agreement. Except as modified and amended by the Fifth Amendment, all of the terms and provisions of the Loan Agreement remain in full force and effect.
A copy of the Fifth Amendment is attached hereto as Exhibit 10.1 and is incorporated herein by reference. The foregoing description of the Fifth Amendment does not purport to be complete and is qualified in its entirety by reference to Exhibit 10.1.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
The information set forth in Item 1.01 of this report is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
