Document:

EXHIBIT 10.1

 

 

DATE: [ ] (the “Effective
Date”)

 

 

 

_______________________________________________________________

 

 

(1) the Company (as defined in the Appendix) 

 

and 

 

(2) the Consultant (as defined in the Appendix)

 

_______________________________________________________________

 

 

_______________________________________________________________

 

CONSULTANCY AGREEMENT

 

_______________________________________________________________

 

 

 

 

 

    	 	 	 

     

    

 

THIS AGREEMENT
shall take effect on and from the Effective Date.

 

 BETWEEN:

 

		(1)	the Company (as defined in the Appendix); and

 

		(2)
	the Consultant (as defined in the Appendix),

 

(the Company and the Consultant are collectively
referred to as the "Parties", and each of them is referred to as a "Party").

 

WHEREAS

 

		(A)	The Consultant wishes to provide consultancy services and advice to the Company, its affiliates and its
subsidiaries (together, “Group”).

 

		(B)	The Company wishes to appoint the Consultant for Services (as defined in Clause 1.1 below) on the terms
and conditions contained in this Agreement.

 

IT IS HEREBY
AGREED that:

 

		1.	Services

 

		1.1.	The Company hereby appoints the Consultant to provide the services described in the Appendix (the “Services”).

 

		2.	Remuneration

 

		2.1.	Subject to Clause 3, the Service Remuneration (as defined in the Appendix) shall be paid to the Consultant
in accordance with the provisions set out in the Appendix, provided that this Agreement is not terminated.

 

		2.2.	The Consultant acknowledges that none of the Shares (as defined in the Appendix) may be offered or sold
except pursuant to an effective registration statement under the Securities Act of 1933 of the United States of America (“Securities
Act”), or pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities
Act.

 

		2.3.	The Consultant has such knowledge and experience in financial and business matters as to be capable of
evaluating the merits and risks in the Shares and has the ability to bear the economic risks of its investment decision and can afford
the complete loss of such investment in the Shares.

 

		2.4.	The Company shall pay all the costs incurred in connection with removal of the restrictive and other legends
on the certificates (or restrictions on transfer) of all the Shares issued to the Consultant, applying for and obtaining an effective
registration statement for all such Shares, delivery and transmission of the certificates without restrictive and other legends (or of
the registered Shares) to the Consultant’s broker, and all such other actions and things required to enable all such Shares to be
tradeable in the OTC Markets, Nasdaq or NYSE.

 

 

 

 

    	 	1	 

     

    

 

		3.	Tenure

 

		3.1.	This Agreement commences on the Effective Date and shall be valid until its termination in accordance
with the terms and conditions contained in this Agreement.

 

		3.2.	Any party may terminate this Agreement by giving not less than one month notice in writing to the other
party, without prejudice to any right of the parties accrued before such notice of termination.

 

		4.	Independent Contractor

 

		4.1.	The Company and the Consultant declare and agree that the Consultant shall act as an independent contractor
in the performance of its duties under this Agreement. Nothing in this Agreement creates a joint venture, partnership, or the relationship
of principal and agent, or employee and employer between the Company and the Consultant.

 

		5.	Non-Competition

 

		5.1.	The Consultant covenants and agrees not to consult or provide any
services in any manner or capacity to a direct competitor of the Group during the duration of this Agreement unless express written authorization
to do so is given by the Director/s of the Company. A direct competitor of the Group for purposes of this Agreement is defined as any
individual, partnership, corporation, and/or other business entity that engages in any of the businesses of the Group.

 

		5.2.	The Consultant shall not attempt in any way to solicit instructions, either in his own right or on behalf
of others, from any client or partner of the Group in respect of projects or jobs being handled by the Group, or in respect of which the
Group is pursuing instructions, during the duration of this Agreement.

 

		5.3.	The restrictions under Clauses 5.1 and 5.2 shall continue to apply for a period of one year after the
termination of this Agreement.

 

		6.	Intellectual property

 

		6.1.	The Consultant shall give the Company full written details of all Inventions and of all works embodying
Intellectual Property Rights made wholly or partially by him at any time prior to the termination of this Agreement. The Consultant acknowledges
that all Intellectual Property Rights subsisting (or which may in the future subsist) in all such Inventions and works shall automatically,
on creation, vest in the Group absolutely. To the extent that they do not vest automatically, the Consultant holds them on trust for the
Group. The Consultant agrees promptly to execute all documents and do all acts as may, in the opinion of the Company, be necessary
to give effect to this Clause 6.1.

 

		6.2.	The Consultant hereby irrevocably waives all moral rights (and all similar rights in any jurisdiction)
which he has or will have in any existing or future works referred to in Clause 6.1.

 

		6.3.	The Consultant irrevocably appoints the Company to be his attorney in his name and on his behalf
to execute documents, use the Consultant's name and do all things which are necessary or desirable for the Group to obtain for
itself or its nominee the full benefit of this Clause 6. A certificate in writing, signed by any director or the secretary of the Company,
that any instrument or act falls within the authority conferred by this Agreement shall be conclusive evidence that such is the case
so far as any third party is concerned.

 

 

 

    	 	2	 

     

    

 

		6.4.	The following definitions apply to this Clause 6:

 

		(i)	Confidential Information: information (whether or not recorded in documentary form, or stored
                                                                   on any magnetic or optical disk or memory) relating to the business, products, affairs and finances of the Group for the time
                                                                   being confidential to the Group and trade secrets including, without limitation, technical data and know-how
                                                                   relating to the business of the Group or any of its business contacts.

 

		(ii)	Intellectual Property Rights: patents, rights to Inventions, copyright and related rights, trademarks,
trade names and domain names, rights in get-up, rights in goodwill or to sue for passing off, unfair competition rights, rights in designs,
rights in computer software, database rights, topography rights, rights in Confidential Information (including know-how and trade secrets)
and any other intellectual property rights, in each case whether registered or unregistered and including all applications (or rights
to apply) for, and renewals or extensions of, such rights and all similar or equivalent rights or forms of protection which subsist or
will subsist now or in the future in any part of the world.

 

		(iii)	Invention: any invention, idea, discovery, development, improvement or innovation, whether or not
patentable or capable of registration, and whether or not recorded in any medium.

 

		7.	Construction

 

		7.1.	In this Agreement, unless the context otherwise requires:

 

		(i)	words and defined terms expressed in the singular number shall include the plural and vice versa, and
words expressed in the masculine shall include the feminine and neuter gender and vice versa;

 

		(ii)	the term “including” shall be interpreted to mean “including (without limitation)”
whenever such term appears in this Agreement (and the terms “include” and “includes” shall be similarly interpreted);

 

		(iii)	the words “hereof”, “herein”, “hereto” and “hereunder”
and words of similar import, when used in this Agreement, shall refer to this Agreement as a whole and not to any particular provision
of this Agreement; and

 

		(iv)	the recital and the schedule, if relevant, are part of this Agreement and shall have effect accordingly.

 

		8.	Entire agreement

 

		8.1.	This Agreement constitutes the entire agreement and understanding between the parties to this Agreement
and supersedes all previous agreements and understandings (if any and whether in writing or not) between the parties in relation to the
matters contemplated by this Agreement.

 

		9.	Waiver

 

		9.1.	The rights of a party may be waived by such party only in writing and, specifically, the conduct of any
one of the parties shall not be deemed a waiver of any of its rights pursuant to this Agreement and/or a waiver or consent on its part
as to any breach or failure to meet any of the terms of this Agreement or an amendment hereto. A waiver by a party in respect of a breach
by the other party of its obligations shall not be construed as a justification or excuse for a further breach of its obligations.

 

 

 

    	 	3	 

     

    

 

		9.2.	No delay or omission to exercise any right, power, or remedy accruing to any party upon any breach or
default by the other under this Agreement shall impair any such right or remedy nor shall it be construed to be a waiver of any such breach
or default, or any acquiescence therein or in any similar breach or default thereafter occurring.

 

		10.	Severance 

 

		10.1.	If any provision or part-provision of this Agreement is or becomes invalid, illegal or unenforceable,
it shall be deemed modified to the minimum extent necessary to make it valid, legal and enforceable. If such modification is not possible,
the relevant provision or part-provision shall be deemed deleted. Any modification to or deletion of a provision or part-provision under
this clause shall not affect the validity and enforceability of the rest of this Agreement.

 

		11.	Notices

 

		11.1.	All notices and demands required or permitted to be given or made hereunder shall be in writing and delivered
personally or sent by post or electronic mail ("email") addressed to the intended recipient thereof at its address or
email address (or to such other address or email address as any Party may from time to time notify the others), and for the avoidance
of doubt, the service of any legal proceedings under this Agreement to any Party at its address set out in the Appendix shall be deemed
legal and valid service of legal proceedings (regardless of whether the recipient has actually read it).

 

		11.2.	Any notice or demand shall be deemed to have been duly served:

 

		(i)	if delivered by hand, on the day of delivery;

 

		(ii)	if posted by prepaid ordinary mail, at the expiration of three (3) Business Days after the envelope containing
the same shall have been put into the post (in the case of inland post) or seven (7) Business Days (in the case of overseas post);

 

		(iii)	if sent by registered post or courier, at the expiration of five (5) days after posting and in proving
the same it shall be sufficient to show proof of posting issued by the relevant postal authorities or, as the case may be, courier service
provider; and

 

		(iv)	if sent by email, upon the receipt by the sender of the confirmation note indicating that the email message
has been sent in full to the recipient's email address, or such other similar medium of receipt, provided always that in the event neither
a response or confirmation email is received by the sender from the recipient within two (2) Business Days from the date of sending of
the relevant email, the sender shall serve the notice or communication enclosed in the email via any other method set out in paragraphs
(a) to (c) above.

 

		11.3.	In proving such service, it shall be sufficient to prove that delivery by hand was made or that the envelope
containing such notice or document was properly addressed and posted as a prepaid ordinary mail letter or that the email confirmation
note indicates the transmission was successful, or the package as the case may be containing such notice or document was properly addressed
and sent to the relevant courier company.

 

		11.4.	The initial addresses and email addresses of the Parties for the purpose of this Agreement are specified
in the Appendix.

 

		12.	Assignment

 

		12.1.	Neither party shall have the right to assign or transfer any of its rights hereunder.

 

 

 

    	 	4	 

     

    

 

		13.	Laws and Arbitration

 

		13.1.	This Agreement shall be interpreted and governed by the laws of the Hong Kong Special Administrative Region.

 

		13.2.	Any dispute, controversy, difference or claim arising out of or relating to this Agreement, including
the existence, validity, interpretation, performance, breach or termination thereof or any dispute regarding non-contractual obligations
arising out of or relating to it shall be referred to and finally resolved by arbitration administered by the Hong Kong International
Arbitration Centre under the Hong Kong International Arbitration Centre Administered Arbitration rules in force when the Notice of Arbitration
is submitted. The seat of arbitration shall be in Hong Kong. The number of arbitrators shall be three: one arbitrator shall be chosen
by each party to the dispute and those two arbitrators shall choose the third arbitrator. The arbitration proceedings shall be conducted
in English.

 

[The remainder of this page has been intentionally
left blank.]

 

 

 

 

 

 

 

    	 	5	 

     

    

 

Appendix

 

		1.	“Company” means [Company Name], a company incorporated in [Location].

 

		2.	“Consultant” means [Consultant Name], an individual, being holder of [Identity]
and having address at [Consultant Address], acting as Consultant under this Agreement.

 

		3.	“Commitment Date” means the Company and the Consultant agreed upon on [Date] for the
Company to engage the Consultant for the Services.

 

		4.	“Service Remuneration” means the amount of [Amount] from [Date] and until [Date],
to be paid by the Company by cash or the Shares to be issued to the Consultant.

 

		5.	“Shares” means common stock of [Company Name], par value [Amount].

 

		6.	“Share Price” means the 5 days volume weighted average closing share price of the Shares
immediately prior to the date of issuance.

 

		7.	“Services” means appointment as [Position].

 

		8.	“USD” means the legal tender of the United States of America.

 

		9.	“Services Duties and Deliverables”

 

	Duties

	Deliverables

	 	 
	 

       
	  ·          

       

	 	 

       

	 

       
	 

 

 

  

 

 

    	 	6	 

     

    

 

Execution
Page

IN WITNESS
WHEREOF the Company and the Consultant agree to the terms hereof.

 

THE COMPANY

 

	SIGNED by [Director Name]	)	 
	 	)	 
	its director(s) or authorized signature(s) (duly	)	 
	authorized by resolution of the board of	)	 
	directors) for and on behalf of 	)	 
	 [Company Name] 	)	 
	 	)	 
	 	)	________________________________
	 	 	 
	 	 	 

 

 

THE
Consultant

 

	SIGNED by [Consultant Name]	)	 
	 	)	 
	its director(s) or authorized signature(s) (duly	)	 
	authorized by resolution of the board of	)	 
	directors) for and on behalf of 	)	 
	 [Consultant Name] 	)	 
	 	)	 
	 	)	________________________________
	 	 	 
	 	 	 

 

 

 

    	 	7Document

EXHIBIT 10.1

[*] Certain information in this document has been omitted from this exhibit because it is both (i) not material and (ii) is the type that the registrant treats as private or confidential.

ROYAL BANK OF CANADA
200 Vesey Street
New York, New York 10281

August 4, 2022

Angel Oak Mortgage Operating Partnership, LP 
Angel Oak Mortgage Fund TRS
3344 Peachtree Road NE, Suite 1725
Atlanta, Georgia 30326
Attn: Ashish Negandhi

Angel Oak Mortgage, Inc.
3344 Peachtree Road NE, Suite 1725
Atlanta, Georgia 30326
Attn: Brandon Filson

    Re:    Amended & Restated Pricing Side Letter

To whom it may concern:
Reference is hereby made to, and this side letter (the “Pricing Side Letter”) is hereby incorporated by reference into, the Master Repurchase Agreement, dated as of April 13, 2022, (as amended, restated, supplemented or otherwise modified from time to time, the “Repurchase Agreement”), among Angel Oak Mortgage Operating Partnership, LP (the “Operating Partnership Seller”), Angel Oak Mortgage Fund TRS (the “Mortgage Fund Seller” and together with the Operating Partnership Seller, the “Sellers” and each, a “Seller”), Angel Oak Mortgage, Inc. (the “Guarantor”), and Royal Bank of Canada (the “Buyer”).  This Pricing Side Letter amends and restates in its entirety that certain Pricing Side Letter, dated as of April 13, 2022 (the “Original Pricing Side Letter”). This Pricing Side Letter is not a novation of the Original Pricing Side Letter or any subsequent amendment or restatement thereof.  The security interest created by the Repurchase Agreement remains in full force and effect.  Any capitalized term used but not defined herein shall have the meaning assigned to such term in the Repurchase Agreement.

						
	PRICING TERMS
	30 Days Delinquent:	Any Mortgage Loan as to which any Monthly Payment, or part thereof, remains unpaid for more than thirty (30) days (but not more than fifty-nine (59) days) following the Due Date on which such Mortgage Loan first became delinquent using the MBA Method of Delinquency.
	60 Days Delinquent:	Any Mortgage Loan as to which any Monthly Payment, or part thereof, remains unpaid for sixty (60) days or more (but not more than eighty-nine (89) days) following the Due Date on which such Mortgage Loan first became delinquent using the MBA Method of Delinquency.

						
	Adverse Claim:	A lien, security interest, charge, encumbrance or other right or claim of any Person (other than liens created in favor of the Buyer or assigned to the Buyer by any Facility Document).
	Aging Limit:	With respect to each Purchased Asset, the “Aging Limit” specified for the applicable assets, as described on Exhibit A-1 hereto.

	Asset Value:	With respect to any Purchased Asset as of any date of determination, an amount equal to the product of (a) the Purchase Price Percentage for the Purchased Asset and (b) the lesser of (i) the Market Value of the Purchased Asset and (ii) the unpaid principal balance of such Purchased Asset.  Without limiting the generality of the foregoing, each Seller acknowledges that the Asset Value of a Purchased Asset may be reduced to zero by Buyer if any of the following events occur:

(i)a breach of a representation, warranty or covenant made by a Seller in the Repurchase Agreement with respect to such Purchased Asset has occurred and is continuing;

(ii)such Purchased Asset exceeds the “Days Delinquent” specified for the applicable Purchased Asset, as described on Exhibit A-1 hereto, or is converted to an REO Property;

(iii)such Purchased Asset has been released from the possession of Custodian under the Custodial Agreement for a period in excess of ten (10) business days;

(iv)[reserved];

(v)such Purchased Asset has been subject to a Transaction under the Repurchase Agreement for a period of greater than the respective Aging Limit; 

(vi)when the Purchase Price for such Purchased Asset is added to other Purchased Assets, the aggregate Purchase Price of all Purchased Assets of any type of Mortgage Loan exceeds the applicable Concentration Limit; and

(vii)the FICO score for such Purchased Asset’s related Mortgagor is [*].

	Concentration Limit:	With respect to each Purchased Asset, the “Concentration Limit” specified for the applicable assets, as described on Exhibit A-2 hereto.

	Days Delinquent:	With respect to each Mortgage Loan, the number of days a Mortgagor fails to make a Monthly Payment using the MBA Method of Delinquency.
	Due Diligence Cap:	$[*] for each one (1) year period following the Effective Date.
	Effective Date:	April 13, 2022.

    -2- 

						
	Eligible Mortgage Loan Product:	Any Non-Agency Non-QM Mortgage Loan that is a first lien, one- to four-family residential mortgage loan evidenced by a Mortgage Note and secured by a Mortgage, which Mortgage Loan is subject to a Transaction hereunder, which in no event includes any mortgage loan which (a) is subject to Section 226.32 of Regulation Z or any similar state law (relating to high interest rate credit/lending transactions), (b) includes any single premium credit, life or accident and health insurance or disability insurance, or (c) is a High Cost Mortgage Loan.

	Facility Period:	Six (6) months following the related initial Purchase Date, or as extended pursuant to the Repurchase Agreement.
	FICO:	The Mortgagor’s credit score as defined in the Underwriting Guidelines.
	Financial Covenants:	Guarantor shall at all times comply with each of the following:

a.    Tangible Net Worth.  Guarantor shall maintain a Tangible Net Worth of at least $[*].

b.    Indebtedness to Adjusted Tangible Net Worth Ratio.  Guarantor’s ratio of Indebtedness (on and off balance sheet) to Tangible Net Worth shall not exceed [*]:1.

c.    Maintenance of Liquidity.  Guarantor shall ensure that at all times, it has cash (other than Restricted Cash) and Cash Equivalents in an amount not less than $[*].

	Maximum Facility Amount:	$600,000,000
	MBA Method of Delinquency:	With respect to each Mortgage Loan, the methodology used by the Mortgage Bankers Association for assessing delinquency. For the avoidance of doubt, under the MBA Method of Delinquency, a Mortgage Loan is considered “30 days delinquent” if the Mortgagor fails to make a monthly payment prior to the close of business on the day that immediately precedes the due date on which the next monthly payment is due. For example, a Mortgage Loan will be considered thirty (30) days delinquent if the Mortgagor fails to make a monthly payment originally due on September 1 by the close of business on September 30.
	Post-Default Rate:	An annual rate of interest equal to the Pricing Rate plus an additional [*].
	Pricing Spread:	With respect to each Purchased Asset, the “Pricing Spread” specified for the applicable assets, as described on Exhibit A-1 hereto.

	Purchase Price Percentage:	With respect to each Purchased Asset, the “Purchase Price Percentage” specified for the applicable assets, as described on Exhibit A-1 hereto.

	Restricted Cash:	For any Person, any amount of cash of such Person that is contractually required to be set aside, segregated or otherwise reserved.
	Test Period:	Any prior fiscal quarter.

    -3- 

						
	Unrestricted Cash:	As to cash or Cash Equivalents, as of any date of determination, the sum of a Seller’s (i) cash and (ii) Cash Equivalents that are not, in either case, subject to (A) an Adverse Claim in favor of any Person or (B) that are not required to be reserved by such Seller in a restricted escrow arrangement or other similarly restricted arrangement pursuant to a contractual agreement or requirement of law.
	MISCELLANEOUS TERMS
	Counterparts:	This Pricing Side Letter may be executed by each of the parties hereto on any number of separate counterparts, each of which shall be an original and all of which taken together shall constitute one and the same instrument. Counterparts may be delivered electronically. Facsimile, documents executed, scanned and transmitted electronically and electronic signatures shall be deemed original signatures for purposes of this Pricing Side Letter and all matters related thereto, with such facsimile, scanned and electronic signatures having the same legal effect as original signatures.  The parties agree that this Pricing Side Letter, any addendum or amendment hereto or any other document necessary for the consummation of the transaction contemplated by this Pricing Side Letter may be accepted, executed or agreed to through the use of an electronic signature in accordance with the Electronic Signatures in Global and National Commerce Act, Title 15, United States Code, Sections 7001 et seq., the Uniform Electronic Transaction Act and any applicable state law.  Any document accepted, executed or agreed to in conformity with such laws will be binding on all parties hereto to the same extent as if it were physically executed and each party hereby consents to the use of any secure third party electronic signature capture service providers, as long as such service providers use system logs and audit trails that establish a temporal and process link between the presentation of identity documents and the electronic signing, together with identifying information that can be used to verify the electronic signature and its attribution to the signer’s identity and evidence of the signer’s agreement to conduct the transaction electronically and of the signer’s execution of each electronic signature.
	Governing Law:	THIS PRICING SIDE LETTER IS GOVERNED BY THE LAW OF THE STATE OF NEW YORK.
	Severability:	Each provision and agreement in this Pricing Side Letter shall be treated as separate and independent from any other provision or agreement herein and shall be enforceable notwithstanding the unenforceability of any such other provision or agreement.

[SIGNATURE PAGES FOLLOW]

    -4- 

IN WITNESS WHEREOF, the parties have caused their names to be signed hereto by their respective officers thereunto duly authorized as of the day and year first above written.
Buyer:     ROYAL BANK OF CANADA, as Buyer
By:     /s/ Elizabeth Kuit    
Name: Elizabeth Kuit
Title: Managing Director

Sellers:    ANGEL OAK MORTGAGE OPERATING PARTNERSHIP, LP, a Delaware limited partnership

By:  Angel Oak Mortgage OP GP, LLC, in its capacity as General Partner
By:   Angel Oak Mortgage, Inc., its sole member
By:     /s/ Michael Fierman    
Name: Michael Fierman
Title: President
    ANGEL OAK MORTGAGE FUND TRS, a Delaware statutory trust

By:  Angel Oak Capital Advisors, LLC, not in its individual capacity, but solely as Administrator
By:     /s/ Michael Fierman    
Name: Michael Fierman
Title: Managing Partner

Signature Page to Amended and Restated Pricing Side Letter

Guarantor:    ANGEL OAK MORTGAGE, INC., as Guarantor
By:     /s/ Brandon Filson    
Name: Brandon Filson
Title: Chief Financial Officer

Signature Page to Amended and Restated Pricing Side Letter

EXHIBIT A-1

LOAN PRICING

																		
	Purchased Asset	Aging Limit
(all days are calendar days unless otherwise noted)
	Concentration Limit	Pricing Spread	Purchase Price Percentage*
	Days Delinquent
	Non-Agency Non-QM Mortgage Loans	[*]days
	See Exhibit A-2	[*]%
	[*]%
	[*] days**

*  The Purchase Price Percentage for a Mortgage Loan that is (i) 30 Days Delinquent shall be reduced by [*]% and (ii) 60 Days Delinquent shall be reduced by an additional [*]%.

** Subject to the Concentration Limit in Exhibit A-2 for Mortgage Loans that are 30 Days Delinquent or 60 Days Delinquent. 

Exhibit A-1

EXHIBIT A-2

    CONCENTRATION LIMITS

									
	Concentration Limits*
	Collateral Attribute	Percentage of Maximum Facility Amount
	

FICO Score
	<580	[*]%

	<620	[*]%

	<680	[*]%

	

State of Mortgaged Property
	CA	[*]%

	FL	[*]%

	GA	[*]%

	Any other single state	[*]%

	Days Delinquent	30 Days Delinquent + 60 Days Delinquent, in the aggregate	[*]%

	Original LTV	>90	[*]%

	>80	[*]%

	Debt to Income Ratio of the Related Mortgagor	>50	[*]%

	>55	[*]%

	

Original Unpaid Principal Balance
	> $2,000,000 but < $2,500,000
	[*]%

	>$2,500,000 but < $3,000,000
	[*]%

	>$3,000,000 but < $3,500,000
	[*]%

	>$3,500,000	[*]%

	

Collateral Type
	Limited Documentation Mortgage Loan	[*]%

	Second Lien Mortgage Loan	[*]%

	Cash-Out Refinance Mortgage Loan	[*]%

	Interest-Only Mortgage Loan	[*]%

	Investor Mortgage Loan	[*]%

	Original Loan Rating	“C” or lower from a third-party due diligence provider, which rating is retained for more than one month following the related Purchase Date	[*]%

* Mortgage Loans may qualify for more than one (1) Concentration Limit. Unless otherwise indicated below, percentages are calculated against the aggregate outstanding Purchase Price of all Purchased Assets that are then subject to outstanding Transactions at the time of calculation.

Exhibit A-1

EXHIBIT B
FORM OF FINANCIAL OFFICER’S COMPLIANCE CERTIFICATE
I, ___________________, do hereby certify that I am the [duly elected, qualified and authorized] [CFO/TREASURER/FINANCIAL OFFICER] of [APPLICABLE SELLER/GUARANTOR] ([“Seller”/“Guarantor”]).  This Certificate is delivered to you in connection with Section 11(d)[(i)][(ii)] of the Master Repurchase Agreement dated as of April 13, 2022 (as amended, restated, supplemented or otherwise modified from time to time, the “Repurchase Agreement”), among Seller[s], [__], [Guarantor/Angel Oak Mortgage, Inc.] and Royal Bank of Canada, as the same may have been amended from time to time.  I hereby certify that, as of the date of the financial statements attached hereto and as of the date hereof, [Seller/Guarantor] is and has been in compliance with all the terms of the Repurchase Agreement and, without limiting the generality of the foregoing, I certify that: 
Tangible Net Worth.  [Seller/Guarantor] has maintained a Tangible Net Worth of at least $[________].
Indebtedness to Tangible Net Worth Ratio.  [Seller’s/Guarantor’s] ratio of Indebtedness (on and off balance sheet) to Tangible Net Worth has not exceeded [_]:1.
Maintenance of Liquidity.  [Seller/Guarantor] has maintained at all times, cash (other than Restricted Cash) and Cash Equivalents in an amount not less than $[__].
Financial Statements.  The financial statements attached hereto are accurate and complete, accurately reflect the financial condition of [Seller/Guarantor], and do not omit any material fact as of the date(s) thereof.
Documentation.  [Seller/Guarantor] has performed the documentation procedures required by its operational guidelines with respect to endorsements and assignments, including the recordation of assignments, or has verified that such documentation procedures have been performed by a prior holder of such Mortgage Loan.
Compliance.  [Seller/Guarantor] has observed or performed in all material respects all of its covenants and other agreements, and satisfied every condition, contained in the Repurchase Agreement and the other Facility Documents to be observed, performed and satisfied by it.  [If a covenant or other agreement or condition has not been complied with, Seller or Guarantor shall describe such lack of compliance and provide the date of any related waiver thereof.]
No Default.  No Default or Event of Default has occurred or is continuing.  [If any Default or Event of Default has occurred and is continuing, Seller or Guarantor shall describe the same in reasonable detail and describe the action Seller or Guarantor has taken or proposes to take with respect thereto, and if such Default or Event of Default has been expressly waived by Buyer in writing, Seller or Guarantor shall describe the Default or Event of Default and provide the date of the related waiver.]
Indebtedness.  All Indebtedness (other than Indebtedness evidenced by the Repurchase Agreement) of [Seller/Guarantor] existing on the date hereof is listed on Schedule 2 to the Repurchase Agreement.

    Exh. B

IN WITNESS WHEREOF, I have set my hand this _____ day of ________, ________.
[[Name], as [Seller/Guarantor]]
By:        
Name: 
Title:

    Exh. B-2

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