Document:

EX-10.12

 Exhibit 10.12 

EXECUTION VERSION 
 AMENDMENT NUMBER
ONE 
 to the 
 AMENDED AND
RESTATED MASTER REPURCHASE AGREEMENT 
 dated as of July 13, 2018 

between 
 BARCLAYS BANK PLC, 

and 
 VELOCITY COMMERCIAL CAPITAL,
LLC 
 This AMENDMENT NUMBER ONE (this “Amendment”) is made as of this 26th day of October, 2018, by and between
Barclays Bank PLC (“Barclays”, the “Purchaser” and “Agent”), and Velocity Commercial Capital, LLC (“Seller”), to that certain Amended and Restated Master Repurchase Agreement,
dated as of July 13, 2018 (as amended, restated, supplemented or otherwise modified from time to time, the “Agreement”), by and between Purchaser and Seller. 

WHEREAS, Purchaser, Agent and Seller have agreed to amend the Agreement as more particularly set forth herein. 

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. Amendments. Effective as of
October 26, 2018 (the “Amendment Effective Date”), the Agreement is hereby amended as follows: 
 (a)
Section 2(a) of the Agreement is hereby amended by adding the definition of “FCA” in the appropriate alphabetical order as follows: 

“FCA” means the United Kingdom Financial Conduct Authority. 

(b) Section 2(a) of the Agreement is hereby amended by adding the definition of “Net Operating Income” in the appropriate
alphabetical order as follows: 
 “Net Operating Income” shall mean, for any period, GAAP net income, minus
the amount of non-cash capitalized interest expense on secured financings, income taxes, depreciation expenses and amortization of debt issue costs related to all outstanding long term debt, and the amount of
any prepayment of principal amounts of debt and any prepayment penalties associated with such debt. 
 (c) Section 2(a) of the
Agreement is hereby amended by adding the definition of “Net Worth” in the appropriate alphabetical order as follows: 

“Net Worth” shall mean, with respect to any Person, the excess of total assets of such Person over total
liabilities of such Person, determined in accordance with GAAP. 

 (d) Section 2(a) of the Agreement is hereby amended by adding the definition of
“Total Indebtedness” in the appropriate alphabetical order as follows: 
 “Total Indebtedness”
shall mean with respect to any Person, for any period, the aggregate Indebtedness of such Person and its Subsidiaries during such period, less the amount of any nonspecific consolidated balance sheet reserves maintained in accordance with GAAP and
less the amount of any non-recourse debt, including any securitization debt. 
 (e)
Section 2(a) of the Agreement is hereby amended by deleting the definition of “Maturity Date” in its entirety and replacing it with the following: 

“Maturity Date” means October 25, 2019. 

(f) Section 2(a) of the Agreement is hereby amended by deleting the definition of “Tangible Net Worth” in its entirety and
replacing it with the following: 
 “Tangible Net Worth” shall mean, with respect to any Person as of any
date of determination, the consolidated Net Worth of such Person and its Subsidiaries, less the consolidated net book value of all assets of such Person and its subsidiaries (to the extent reflected as an asset in the balance sheet of such Person or
any Subsidiary at such date) which will be treated as intangibles under GAAP, including without limitation, such items as deferred financing expenses, deferred taxes, net leasehold improvements, good will, trademarks, trade names, service marks,
copyrights, patents, licenses and unamortized debt discount and expense; provided, that residual securities issued by such Person or its Subsidiaries shall not be treated as intangibles for purposes of this definition. 

(g) Section 2(a) of the Agreement is hereby amended by deleting the definition of “Liquidity” in its entirety and replacing it
with the following: 
 “Liquidity” means, with respect to any Person, the sum of (i) its unrestricted
cash, plus (ii) its unrestricted Cash Equivalents, plus (iii) the aggregate amount of unused capacity available to such (taking into account applicable haircuts) under committed mortgage loan warehouse and servicer advance facilities for
which such Person has unencumbered eligible collateral to pledge thereunder. 
 (h) Section 2(a) of the Agreement is hereby amended by
deleting the definition of “Adjusted Tangible Net Worth” in its entirety. 
 (i) Section 14(g)(ii)(A) of the Agreement is
hereby amended by deleting the section in its entirety and replacing it with the following: 
  

	 	(A)	 Seller shall at all times maintain: 

 

	 	(1)	 Tangible Net Worth no less than $100,000,000; 

 

	 	(2)	 The ratio of (1) Seller’s Total Indebtedness to (2) Seller’s Tangible Net Worth shall at
all times be no greater than 6:1. 

  
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	 	(3)	 as of the end of the immediately preceding calendar quarter, Seller’s Net Operating Income for at least
one (1) of the previous two (2) consecutive calendar quarters is equal to or greater than $1.00. 

  

	 	(4)	 Liquidity in an amount equal to not less than $5,000,000. 

(j) The Agreement is hereby amended by adding new section 39 as follows: 

39. NOTICE REGARDING CLIENT MONEY RULES. 

Purchaser, as a CRD credit institution (as such term is defined in the rules of the FCA), holds all money received and held by
it hereunder as banker and not as trustee. Accordingly, money that is received and held by Purchaser from Seller will not be held in accordance with the provisions of the FCA’s Client Asset Sourcebook relating to client money
(the “Client Money Rules”) and will not be subject to the statutory trust provided for under the Client Money Rules. In particular, Purchaser shall not segregate money received by it from Seller from Purchaser money and Purchaser
shall not be liable to account to you for any profits made by Purchaser use as banker of such cash and upon failure of Purchaser, the client money distribution rules within the Client Asset Sourcebook (the “Client Money Distribution
Rules”) will not apply to these sums and so you will not be entitled to share in any distribution under the Client Money Distribution Rules. 

SECTION 2. Fees and Expenses. Seller agrees to pay to Purchaser all fees and out of pocket expenses incurred by Purchaser and
Agent in connection with this Amendment, including all reasonable fees and out of pocket costs and expenses of the legal counsel to Purchaser and Agent incurred in connection with this Amendment, in accordance with
Section 23(a) of the Agreement. 
 SECTION 3. Defined Terms. Any terms capitalized but not otherwise
defined herein should have the respective meanings set forth in the Agreement. 
 SECTION 4. Limited Effect. Except as amended
hereby, the Agreement shall continue in full force and effect in accordance with its terms. Reference to this Amendment need not be made in the Agreement or any other instrument or document executed in connection therewith, or in any certificate,
letter or communication issued or made pursuant to, or with respect to, the Agreement, any reference in any of such items to the Agreement being sufficient to refer to the Agreement as amended hereby. 

SECTION 5. Representations. In order to induce Purchaser and Agent to execute and deliver this Amendment, Seller hereby represents
to Purchaser and Agent that as of the date hereof, (i) Seller is in full compliance with all of the terms and conditions of the Program Documents and remains bound by the terms thereof, and (ii) no Default or Event of Default has occurred
and is continuing under the Program Documents. 
 SECTION 6. Governing Law. This Amendment and the rights and obligations of the
parties hereunder shall be construed in accordance with and governed by the laws of the State of New York, without regard to principles of conflicts of laws (other than Sections 5-1401 and 5-1402 of the New York General Obligations Law which shall be applicable). 

  
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 SECTION 7. Counterparts. For the purpose of facilitating the execution of this
Amendment, and for other purposes, this Amendment may be executed simultaneously in any number of counterparts. Each counterpart shall be deemed to be an original, and all such counterparts shall constitute one and the same instrument. The parties
intend that faxed signatures and electronically imaged signatures such as .pdf files shall constitute original signatures and are binding on all parties. The original documents shall be promptly delivered, if requested. 

[REMAINDER OF THIS PAGE LEFT INTENTIONALLY BLANK] 

  
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 IN WITNESS WHEREOF, Purchaser, Agent and Seller have caused their names to be duly signed to
this Amendment by their respective officers thereunto duly authorized, all as of the date first above written. 
  

			
	 BARCLAYS BANK PLC,

	 Purchaser and
Agent

 
			
		
	By: 	 	/s/ Ellen Kiernan
		 	Name: Ellen Kiernan
		 	Title:   Director

  

			
	VELOCITY COMMERCIAL CAPITAL, LLC, Seller

 
			
		
	By: 	 	 
		 	Name:
		 	Title:

  
 Amendment Number One to
A&R Master Repurchase Agreement 

 IN WITNESS WHEREOF, Purchaser, Agent and Seller have caused their names to be duly signed to
this Amendment by their respective officers thereunto duly authorized, all as of the date first above written. 
  

			
	BARCLAYS BANK PLC, Purchaser and Agent

 
			
		
	By: 	 	 
		 	Name:
		 	Title:

  

			
	VELOCITY COMMERCIAL CAPITAL, LLC, Seller

 
			
		
	By: 	 	/s/ Jeff Taylor
		 	Name: Jeff Taylor
		 	Title:   Executive Vice President

  

  
 Amendment Number One to
A&R Master Repurchase AgreementEX-10.13

 Exhibit 10.13 

EXECUTION VERSION 

AMENDMENT NUMBER TWO 
 to the 

AMENDED AND RESTATED MASTER REPURCHASE AGREEMENT 

dated as of July 13, 2018 

between 
 BARCLAYS BANK PLC, 

and 
 VELOCITY COMMERCIAL CAPITAL,
LLC 
 This AMENDMENT NUMBER TWO (this “Amendment”) is made as of this 25th day of March, 2019, by and between Barclays
Bank PLC (“Barclays,” the “Purchaser” and “Agent”) and Velocity Commercial Capital, LLC (“Seller”), to that certain Amended and Restated Master Repurchase Agreement, dated as of
July 13, 2018 (as amended, restated, supplemented or otherwise modified from time to time, the “Agreement”), by and between Purchaser and Seller. 

WHEREAS, Purchaser, Agent and Seller have agreed to amend the Agreement as more particularly set forth herein. 

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. Amendments. Effective as of March 25, 2019 (the
“Amendment Effective Date”), the Agreement is hereby amended as follows: 
 (a) Section 2(a) of the Agreement is hereby
amended by deleting the definition “Change of Control” in its entirety and replacing it with the following: 

“Change of Control” shall mean the occurrence of any of the following: (a) the consummation of any
transaction (including, without limitation, any merger or consolidation) the result of which is that any “person” or “group” (as such terms are used in Section 13(d) and 14(d) of the Securities Exchange Act of 1934, as
amended) other than one or more Permitted Holders becomes the “beneficial owner,” directly or indirectly, of more than, at any time prior to an IPO, 30% and, at any time from and after an IPO, 50% of the voting stock of the Parent Company,
measured by voting power rather than number of shares; provided that no direct or indirect holding company of the Parent Company that has no material assets or operations other than owning the capital stock of Seller or a Parent Entity will
itself be considered a “person” or “group” for purposes of this clause (a); provided, further, that for the purpose of this clause (a), a “person” or “group” shall not be deemed to have
beneficial ownership of securities subject to a securities purchase agreement, merger agreement or similar agreement until the consummation of the transactions contemplated by such agreement or (b) the Parent Company ceases to directly or
indirectly own and control, of record and beneficially, 100% of the Equity Interests of Seller. 
 (b) Section 2(a) of the Agreement is
hereby amended by adding the definition of “Board of Directors” in the appropriate alphabetical order as follows: 

“Board of Directors” means, with respect to any Person, the board of managers, board of directors or
comparable governing body of such Person (it being understood that, for example, in the case of a Person constituted as a sole-member-managed limited liability company or as a limited partnership with a sole general partner, the “comparable
governing body of such Person” refers to the board of managers, board of directors or comparable governing body of the sole member or sole general partner, respectively). 

 (c) Section 2(a) of the Agreement is hereby amended by adding the definition of
“Capital Stock” in the appropriate alphabetical order as follows: 
 “Capital Stock” shall mean
any and all shares, interests, participations or other equivalents (however designated) of capital stock of a corporation, any and all similar ownership interests in a Person (other than a corporation) and any and all warrants or options to purchase
any of the foregoing, including (where applicable) uncertified membership interests in a limited liability company. 
 (d) Section 2(a)
of the Agreement is hereby amended by adding the definition of “Equity Interests” in the appropriate alphabetical order as follows: 

“Equity Interests” shall mean, with respect to any Person, (a) any share or interest in Capital Stock
(including any participation interest or divided ownership or profit sharing interest, however denominated) in such Person, whether voting or nonvoting and whether or not such share, warrant, option right or other interest is authorized or otherwise
existing as of any date of determination, (b) any warrant, option or other right for the purchase or acquisition from such Person of any share or interest described in (a) above, (c) any security convertible into or exchangeable for any of
the foregoing and (d) any other ownership interest in such Person (including partnership, member or trust interests therein). 
 (e)
Section 2(a) of the Agreement is hereby amended by adding the definition of “IPO” in the appropriate alphabetical order as follows: 

“IPO” shall mean the issuance by the Parent Company (or any Parent Entity of the Parent Company) of its common
Capital Stock in an underwritten primary public offering (other than a public offering pursuant to a registration statement on Form S-8) pursuant to an effective registration statement filed with the
Securities and Exchange Commission in accordance with the Securities Act of 1933 (whether alone or in connection with a secondary public offering). 

(f) Section 2(a) of the Agreement is hereby amended by adding the definition of “Parent Entity” in the appropriate alphabetical
order as follows: 
 “Parent Entity” means any direct or indirect parent of the Parent Company that is a
holding company with no material assets or operations other than holding (either directly or indirectly through one or more other Parent Entities) Capital Stock of the Parent Company (excluding, for avoidance of doubt, any investment vehicle of any
Sponsor). 
 (g) Section 2(a) of the Agreement is hereby amended by adding the definition of “Permitted Holder” in the
appropriate alphabetical order as follows: 
 “Permitted Holder” means (i) each of the Parent Company,
the Sponsors and members of management and other employees of the Parent Company (or any Parent Entity) or any of its Subsidiaries and any group (within the meaning of Section 13(d)(3) of the Securities Exchange Act, as amended, or any
successor provision) of which any of the foregoing are members; provided that, in the case of such group and without giving effect to the existence of such group or any other group, the Sponsors and members of management and other employees,
collectively, have beneficial ownership of more than 50% of the total voting power of the Voting Stock of the Parent Company or any Parent Entity and (ii) any Parent Entity (including a Parent Entity formed in connection with an initial public
offering of the Parent Company) that is formed not in connection with, or in contemplation of, a transaction that (but for the application to such Person of this clause (ii)) would constitute a Change of Control. 

  
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 (h) Section 2(a) of the Agreement is hereby amended by adding the definition of
“Sponsors” in the appropriate alphabetical order as follows: 
 “Sponsors” means, collectively,
Snow Phipps Group LLC, Pacific Investment Management Company LLC and each of their respective Affiliates and any investment vehicle managed, advised or controlled by the foregoing or their respective Affiliates. 

(i) Section 2(a) of the Agreement is hereby amended by adding the definition of “Voting Stock” in the appropriate alphabetical
order as follows: 
 “Voting Stock” means, with respect to any Person, the Capital Stock of such Person of
any class or classes, the holders of which are ordinarily, in the absence of contingencies, entitled to vote for the election of members of the Board of Directors (or Persons performing similar functions) of such Person. 

(j) Section 35 of the Agreement is hereby amended by deleting the proviso contained in clause (iv) thereto in its entirety.
Purchaser and Agent acknowledge that the Program Documents and Purchaser’s and/or Agent’s name may be described and referred to in connection with filings and other communications Parent Company, Parent Entity or its Subsidiaries may make
to the Securities and Exchange Commission, any securities exchange and others in connection with Parent Company or Parent Entity registering as or being a “public company” and that this Amendment shall serve as the prior written notice to
Purchaser referred to in Section 35(iv) of the Agreement. 
 SECTION 2. Fees and Expenses. Seller agrees to pay to
Purchaser all fees and out-of-pocket expenses incurred by Purchaser and Agent in connection with this Amendment, including all reasonable fees and out-of-pocket costs and expenses of the legal counsel to Purchaser and Agent incurred in connection with this Amendment, in accordance with Section 23(a) of the
Agreement. 
 SECTION 3. Defined Terms. Any terms capitalized but not otherwise defined herein should have the respective
meanings set forth in the Agreement. 
 SECTION 4. Limited Effect. Except as amended hereby, the Agreement shall continue in
full force and effect in accordance with its terms. Reference to this Amendment need not be made in the Agreement or any other instrument or document executed in connection therewith, or in any certificate, letter or communication issued or made
pursuant to, or with respect to, the Agreement, any reference in any of such items to the Agreement being sufficient to refer to the Agreement as amended hereby. 

SECTION 5. Representations. In order to induce Purchaser and Agent to execute and deliver this Amendment, Seller hereby represents
to Purchaser and Agent that, as of the Amendment Effective Date, (i) Seller is in full compliance with all of the terms and conditions of the Program Documents and remains bound by the terms thereof and (ii) no Default or Event of Default
has occurred and is continuing under the Program Documents. 
 SECTION 6. Binding Effect; Governing Law. This amendment shall be
binding and inure to the benefit of the parties hereto and their respective successors and assigns. THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS
OF LAWS (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 

SECTION 7. Counterparts. For the purpose of facilitating the execution of this Amendment, and for other purposes, this Amendment
may be executed simultaneously in any number of counterparts. 

  
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Each counterpart shall be deemed to be an original, and all such counterparts shall constitute one and the same instrument. The parties intend that faxed signatures and electronically imaged
signatures, such as .pdf files, shall constitute original signatures and are binding on all parties. The original documents shall be promptly delivered, if requested. 

  
 4 

 IN WITNESS WHEREOF, Purchaser, Agent and Seller have caused their names to be duly signed to
this Amendment by their respective officers thereunto duly authorized, all as of the date first above written. 
  

			
	 BARCLAYS BANK PLC,

as Purchaser and Agent

		
	By:	 	/s/ Ellen Kiernan
	 Name:
	 	 Ellen Kiernan

	 Title:
	 	 Director

	
	 VELOCITY COMMERCIAL CAPITAL, LLC,

as Seller

		
	By:	 	/s/ Jeff Taylor
	 Name:
	 	 Jeff Taylor

	 Title:
	 	 Executive Vice President

 [Signature Page to Second Amendment to A&R Master Repurchase Agreement]

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