Point 2.03 Creation of a direct financial obligation.
principal amount of 7.125% Senior Secured Notes due 2027 (the “Notes”). The ticket purchase agreement has been concluded between
The Issuer issued the Notes on
The proceeds from the issuance of the notes were used to repay in full the obligations under our term credit agreement, dated
The note purchase agreement contains positive and negative covenants, including financial covenants regarding minimum net asset value, net unsecuritized debt to equity ratio, collateral value, total collateral value and senior non-securitized debt service coverage ratio requirements.
The offering and sale of the Bonds has been made solely in private placement transactions exempt from registration pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act “). The Notes have not been registered under securities law or any state securities law and may not be offered or sold in
The foregoing descriptions of the Notes, related collateral, ticket purchase agreement and related collateral agreement do not purport to be complete and are qualified in their entirety by reference to the full text of the ticket purchase agreement and related collateral agreement. warranty statements filed as Schedules 4.1, 10.1 and 10.2 and incorporated herein by reference.
The representations, warranties and covenants contained in the foregoing agreements are made solely for the purposes of such agreements and solely for the benefit of the parties to such agreements. Representations, warranties and covenants are a means of allocating contractual risk between the parties and are not necessarily intended to establish particular facts as facts, may be subject to materiality standards or other qualifications applicable to agreements which differ from those applicable to investors and are not promises or guarantees of accuracy or of future actions or events. Investors should not rely on any such representations, warranties or covenants.
Item 8.01. Other events.
Item 9.01 Exhibits. Exhibit Number Description 4.1 Form of 7.125% Senior Secured Note due 2027 of
Velocity Commercial Capital, LLC(included in Exhibit 10.1 hereto). 10.1 Form of Note Purchase Agreement Dated as of March 15, 2022, among Velocity Financial, Inc., Velocity Commercial Capital, LLC, U.S. Bank Trust Company, National Association, as collateral agent, and the respective purchasers of the Notes. 10.2 Security Agreement, dated as of March 15, 2022, among Velocity Financial, Inc., Velocity Commercial Capital, LLCand U.S. Bank Trust Company, National Association, as collateral agent. 99.1 Press Release. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
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