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IFT > SEC Filings for IFT > Form 8-K on 23-May-2013All Recent SEC Filings

Show all filings for IMPERIAL HOLDINGS, INC. | Request a Trial to NEW EDGAR Online Pro

Form 8-K for IMPERIAL HOLDINGS, INC.


23-May-2013

Entry into a Material Definitive Agreement


Item 1.01 Entry into a Material Definitive Agreement.

On May 21, 2013, Washington Square Financial, LLC ("WSF"), a wholly-owned subsidiary of Imperial Holdings, Inc. (the "Company"), amended and restated its forward purchase and sale agreement (the "PSA") with Compass Settlements LLC ("Compass"), originally dated as of December 30, 2011 and filed as an exhibit to the Company's Annual Report on Form 10-K for the year ended December 31, 2011. Compass has, subject to predetermined eligibility criteria and on-going funding conditions, committed $25.0 million to purchase life contingent structured settlement receivables from WSF since December 30, 2011, and approximately $10.0 million of this initial commitment remains as of the date of this Current Report on Form 8-K. Compass may increase its commitment, in increments of $10.0 million, up to a total of $45.0 million. Subject to Compass maintaining certain purchase commitment levels, WSF will agree under the amended and restated PSA to sell the life contingent structured settlement receivables it originates on an exclusive basis to Compass for twelve months, at which time Compass' commitment will terminate. Under this arrangement, the Company will continue to guaranty WSF's obligation to repurchase any ineligible receivables sold under the PSA and certain other related obligations.

The foregoing summary does not purport to be complete and is qualified in its entirety by the amended and restated PSA, which will be filed as an exhibit to the Company's quarterly report on Form 10-Q for the quarter ended June 30, 2013.


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