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IFT > SEC Filings for IFT > Form 8-K on 20-May-2014All Recent SEC Filings

Show all filings for IMPERIAL HOLDINGS, INC.



Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement.

On May 16, 2014, White Eagle Asset Portfolio, LLC ("White Eagle"), a subsidiary of Imperial Holdings, Inc. (the "Company"), converted from a Delaware limited liability company to a Delaware limited partnership (the "Conversion") and in connection therewith entered into an Amended and Restated Loan and Security Agreement (the "Amended and Restated Loan Agreement") among White Eagle, as borrower, Imperial Finance and Trading, LLC, as the initial servicer, the initial portfolio manager and guarantor, Lamington Road Bermuda Ltd., as portfolio manager, LNV Corporation, as initial lender, the other financial institutions party thereto as lenders, and CLMG Corp., as administrative agent for the lenders. The Amended and Restated Loan Agreement amends the revolving credit facility entered into by White Eagle on April 29, 2013 providing for up to $300.0 million in borrowings (the "Revolving Credit Facility") to pay premiums on the policies pledged as collateral under the facility, debt service and for the fees and expenses of certain service providers. The lenders will continue to provide financing to White Eagle under the Revolving Credit Facility and the material terms of the lending arrangement have not changed.

In connection with the entry into the Amended and Restated Loan Agreement, a different subsidiary of the Company will serve as the portfolio manager with respect to the policies serving as collateral under the Revolving Credit Facility and a new servicing agreement with respect to such policies has been entered into with a third party.

The forgoing summary does not purport to be complete and is qualified in its entirety by the Amended and Restated Loan Agreement, which is expected to be filed as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2014.

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