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| JRT > SEC Filings for JRT > Form 8-K on 23-Dec-2008 | All Recent SEC Filings |
23-Dec-2008
Entry into a Material Definitive Agreement, Financial Statements and Exhi
On December 18, 2008, JER Investors Trust Inc. ("JRT") and J.P. Morgan Securities Inc. ("JPM") entered into a second amendment (the "JPM Amendment") to the guaranty (the "Guaranty") issued by JRT on September 12, 2008 in connection with the repurchase facility (the "JPM Facility") between JPM and JERIT Finance Co JPM, LLC, a subsidiary of JRT ("JER FinanceCo JPM"). The JPM Amendment modified certain financial covenants applicable to JRT under the JPM Facility. JPM and JER FinanceCo JPM also agreed to extend the term of the JPM Facility to December 22, 2009. JER FinanceCo JPM also agreed to make a one-time payment of $2.0 million to JPM in February 2009, and monthly amortization payments of $750,000 to JPM commencing in March 2009 through the maturity of the JPM Facility, with the remaining outstanding balance on the JPM Facility due and payable on December 22, 2009. As of December 18, 2008, JRT had total outstanding borrowings under the JPM Facility of approximately $16 million.
On December 11, 2008, JRT, JER Investors Trust Finance Company GS, LLC, a subsidiary of JRT, and Goldman Sachs Mortgage Company ("Goldman") entered into an agreement (the "GS Agreement") regarding the consensual termination and repayment of JRT's repurchase facility with Goldman, which was originally entered into on September 21, 2006 (the "Goldman Facility"), as described in JRT's Current Report on Form 8-K filed with the SEC on December 17, 2008. Upon termination of the Goldman Facility pursuant to the GS Agreement, the JPM Facility will be JRT's only outstanding repurchase facility.
The Guaranty, JPM Amendment and JPM Facility are filed herewith as Exhibits 10.1, 10.2 and 10.3, respectively, and are incorporated by reference into this Item 1.01.
(d) Exhibits.
10.1 Guaranty, dated September 12, 2008, between JER Investors Trust Inc.
and J.P. Morgan Securities Inc.
10.2 Second Amendment to Guaranty, dated December 18, 2008, between JER
Investors Trust Inc. and J.P. Morgan Securities Inc.
10.3 Master Repurchase Agreement, dated September 12, 2008, between JERIT
Finance Co JPM, LLC and J.P. Morgan Securities Inc.
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