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| PGV > SEC Filings for PGV > Form 8-K on 3-Jun-2009 | All Recent SEC Filings |
3-Jun-2009
Entry into a Material Definitive Agreement, Financial Statements and
On June 2, 2009, Velocity Investments, LLC ("Velocity"), a wholly owned subsidiary of Velocity Portfolio Group, Inc. (the "Company"), entered into a Sixth Amendment to the Loan and Security Agreement (the "Sixth Amendment to the Loan Agreement") with Wells Fargo Foothill, Inc., a California corporation (the "Lender"), pursuant to which the Lender agreed to amend the Loan and Security Agreement dated January 27, 2005 (the "Original Loan Agreement"). Pursuant to the Sixth Amendment to the Loan Agreement, the Lender agreed to waive certain Events of Default (as that term is defined in the Original Loan Agreement, as amended) and the financial covenant with respect to maintaining the Company's stockholder's equity plus Subordinated Debt was decreased from $25,000,000 to $22,500,000.
(d) Exhibits.
Exhibit No. Description
4.1 Loan and Security Agreement, dated as of January 27, 2005, by and between Velocity Investments, LLC and Wells Fargo Foothill, Inc. (incorporated by reference to the Company's Current Report on Form 8-K filed with the Commission on January 27, 2005)
4.2 General Continuing Guaranty, dated January 27, 2005, executed by Velocity Asset Management, Inc. in favor of Wells Fargo Foothill, Inc. (incorporated by reference to the Company's Current Report on Form 8-K filed with the Commission on January 27, 2005)
4.3 Security and Pledge Agreement, dated as of January 27, 2005, by and between Velocity Asset Management, Inc. and Wells Fargo Foothill, Inc. (incorporated by reference to the Company's Current Report on Form 8-K filed with the Commission on January 27, 2005)
4.4 Subordination Agreement, dated as of January 27, 2005, by and between Velocity Asset Management, Inc., Velocity Investments, LLC and Wells Fargo Foothill, Inc. (incorporated by reference to the Company's Current Report on Form 8-K filed with the Commission on January 27, 2005)
4.5 First Amendment to Loan and Security Agreement by and between Wells Fargo Inc. and Velocity Investments, L.L.C. dated as of February 27, 2006 (Incorporated by reference to Registrant's Current Report on Form 8-K filed with the Securities and Exchange Commission on February 28, 2006.)
4.6 Second Amendment to Loan and Security Agreement, dated December 8, 2006 (Incorporated by reference to Registrant's Annual Report on Form 10-KSB filed with the Securities and Exchange Commission on April 5, 2007)
4.7 Third Amendment to Loan and Security Agreement, dated February 23, 2007 (Incorporated by reference to Registrant's Annual Report on Form 10-KSB filed with the Securities and Exchange Commission on April 5, 2007)
4.9 Fifth Amendment to the Loan and Security Agreement, dated as of November 1, 2008, by and between Velocity Investments, LLC and Wells Fargo Foothill, Inc. (Incorporated by reference to Registrant's Current Report on Form 8-K filed with the Securities and Exchange Commission on November 4, 2008)
5.0 Sixth Amendment to the Loan and Security Agreement, dated as of June 2, 2009, by and between Velocity Investments, LLC and Wells Fargo Foothill, Inc.*
* Filed herewith
This Current Report on Form 8-K may contain, among other things, certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, (i) statements with respect to the Company's plans, objectives, expectations and intentions; and (ii) other statements identified by words such as "may", "could", "would", "should", "believes", "expects", "anticipates", "estimates", "intends", "plans" or similar expressions. These statements are based upon the current beliefs and expectations of the Company's management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. These forward-looking statements involve certain risks and uncertainties that are subject to change based on various factors (many of which are beyond the Company's control).
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