SEC Contract Filing

Filing Date: 2017-08-22

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>a17-20777_1ex10d1.htm
<DESCRIPTION>EX-10.1
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit&nbsp;10.1</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">LINE OF CREDIT PROMISSORY NOTE</font></u></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$30,000,000.00</font></p> </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indianapolis,&nbsp;Indiana</font></p> </td> </tr> </table>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">August&nbsp;&nbsp;17, 2017</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For value received,&nbsp;IMPAC MORTGAGE CORP., a California corporation, having its principal office at 19500 Jamboree Road,&nbsp;Irvine, California&nbsp; 92612, Attention:&#160; Kathy J. Hancock (hereinafter referred to as &#147;Maker&#148;), unconditionally promises to pay to the order of MERCHANTS BANK OF INDIANA having its principal banking office at 11555 N. Meridian Street, Suite&nbsp;400, Carmel,&nbsp;Indiana 46032, Attention:&#160; Michael J. Dunlap (hereinafter referred to as &#147;Lender&#148;), at Lender&#146;s principal banking office or at such other place or to such other party as the holder hereof may from time to time designate, the principal sum of Thirty Million and 00/100 Dollars ($30,000,000.00), or so much thereof as shall from time to time be advanced by Lender to or for the benefit of Maker hereunder, with interest on the principal balance advanced from time to time remaining unpaid from the date hereof at a rate per annum (based upon a year of 360 days and actual days elapsed) equal to the rate from time to time announced by the <u>Wall Street Journal</u> as the &#147;One Month LIBOR&#148;, plus four hundred (400) basis points with changes in the interest rate hereunder to take effect on the same day as each change in such One Month LIBOR takes effect.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TERMS, PROVISIONS AND CONDITIONS</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Advances</u>.<font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Provided that Maker has timely submitted to Lender Maker&#146;s quarterly financial reports, including without limitation a detailed independent appraised valuation indicating in the opinion of value the estimated liquidation value&#160; of the Servicing Contract Rights defined as the indivisible, conditional, non-delegable right of Maker to service mortgage loans (collectively, the &#147;Freddie Mac Loans&#148;) owned or guaranteed by the Federal Home Loan Mortgage Corporation (&#147;Freddie Mac&#148;), pursuant to the Freddie Mac Single-Family Seller/Servicer Guide, as it may be amended from time to time (the &#147;Freddie Mac Guide&#148;) and the Purchase Documents (as such term is defined in the Freddie Mac Guide), in a non-distressed or liquidation sale (together with all additions and accessions thereto, replacements and substitutions therefor, products thereof and proceeds therefrom, herein referred to collectively as the &#147;Pledged Mortgage Servicing Rights&#148;), Lender shall make an advance to Maker of funds available under this line of credit up to the lesser of (i)&nbsp;Thirty Million and 00/100 Dollars ($30,000,000.00), or (ii)&nbsp;fifty-five percent (55%) of the lesser of the reported book or appraised valuation of the</p>
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