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RYL > SEC Filings for RYL > Form 8-K on 28-Apr-2014All Recent SEC Filings

Show all filings for RYLAND GROUP INC

Form 8-K for RYLAND GROUP INC


28-Apr-2014

Entry into a Material Definitive Agreement, Creation of a Direct Financial Oblig


Item 1.01 Entry into a Material Definitive Agreement.

As described in Item 2.03 below, on April 24, 2014, The Ryland Group, Inc. (the "Company"), through its subsidiary RMC Mortgage Corporation. ("RMCMC"), entered into a new $50.0 million warehouse line of credit with Comerica Bank. ("Comerica"). The information set forth under Item 2.03 below is hereby incorporated by reference into this Item 1.01.



Item 2.03 Creation of a Direct Financial Obligation or an
Obligation under an Off-Balance Sheet Arrangement of a Registrant.

On April 24, 2014, RMCMC entered into a new $50.0 million warehouse line of credit with Comerica. The new Comerica facility will be used to fund, and is secured by, mortgages originated by RMCMC, pending the sale of those mortgages by RMCMC. The term of the new facility is through April 23, 2015. Borrowings under the facility will bear interest at the daily adjusting LIBOR rate, plus an applicable margin, except during any period of time during which, in accordance with the terms and conditions of the Note, the Indebtedness hereunder shall bear interest at the Prime Referenced Rate plus the Applicable Margin.

Under the terms of this new facility, RMCMC is required to maintain various financial and other covenants and satisfy certain requirements relating to the mortgages securing the facility.

Copies of the Master Revolving Note, Letter Agreement, Security Agreement and Pledge and Security Agreement for the new facility are filed with this report as Exhibits 10.1, 10.2, 10.3 and 10.4, respectively, and are hereby incorporated by reference herein. The foregoing descriptions of the Master Revolving Note, Letter Agreement, Security Agreement, and Pledge and Security Agreement do not purport to be complete and are qualified in their entirety by reference to the full text of such exhibits.



Item 9.01 Financial Statements and Exhibits

(d) Exhibits

Exhibit 10.1 Master Revolving Note, dated as of April 24, 2014, between RMC Mortgage Corporation and Comerica Bank

Exhibit 10.2 Letter Agreement, dated as of April 24, 2014, between RMC Mortgage Corporation and Comerica Bank

Exhibit 10.3 Security Agreement, dated as of April 24, 2014, between RMC Mortgage Corporation and Comerica Bank

Exhibit 10.4 Pledge and Security Agreement, dated as of April 24, 2014, between RMC Mortgage Corporation and Comerica Bank


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