Item 1.01. Entry into a Material Definitive Agreement.
As previously disclosed, on July 31, 2017, Walter Investment Management Corp. (the “Company”) entered into a Restructuring Support Agreement (as amended from time to time, the “RSA”) with lenders holding, as of July 31, 2017, more than 50% of the loans and/or commitments outstanding under that certain Amended and Restated Credit Agreement, dated as of December 19, 2013, by and among the Company, as the borrower, Credit Suisse AG, as administrative agent, and the lenders party thereto (the “Credit Agreement”). Capitalized terms used herein that are not otherwise defined have the meanings ascribed to them in the RSA.
As of the date hereof, lenders holding approximately 92% of the term loans outstanding under the Credit Agreement have agreed to the terms of the RSA.
On August 2, 2017, the Company and the Requisite Term Lenders as of such date entered into the First Amendment to the Restructuring Support Agreement.
On August 22, 2017, the Company and the Requisite Term Lenders as of such date entered into the Second Amendment to the Restructuring Support Agreement.
On August 31, 2017, the Company and the Requisite Term Lenders entered into the Third Amendment to the Restructuring Support Agreement (“Amendment No. 3”). Amendment No. 3 extends the Acceptable RSA Milestone Date from August 31, 2017 to September 30, 2017, which would otherwise have allowed the Requisite Term Lenders to terminate the RSA if the holders of two-thirds of the aggregate principal amount of Senior Notes had not signed a restructuring support agreement consistent with the RSA by August 31, 2017. Additionally, pursuant to Amendment No. 3, the Company shall exercise best efforts to secure deposit account control agreements over the Company’s bank accounts for the benefit of the Term Lenders, and the Requisite Term Lenders have the right to terminate the RSA if, among other things, the Company enters into certain material transactions, except in accordance with the terms of the RSA.
The foregoing description of Amendment No. 3 does not purport to be complete and is qualified in its entirety by reference to the copy of Amendment No. 3 which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.
