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 “BBA’s Interest Settlement Rate” offered forone-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 tore-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.
