Centerline Holding Co (fka CLNH)

[hang ten]

Item 1.01. Entry into a Material Definitive Agreement.


On October 4 2010, Centerline Mortgage Capital Inc. and Centerline Mortgage Partners Inc. (collectively, the “Borrowers”), each of which is a subsidiary of Centerline Holding Company (the “Registrant”), entered into a Third Amended and Restated Warehousing Credit and Security Agreement (the “Agreement”) with Bank of America, N.A. (the “Lender”), and Bank of America N.A. as the agent for the Lender. Pursuant to the Agreement, the Companies may borrow up to $100,000,000. The Companies will use advances under the Agreement to fund the origination of certain types of eligible loans described in the Agreement, including loans originated on behalf of Fannie Mae, Freddie Mac and certain FHA programs, with such advances bearing interest at a rate of 250 basis points per annum over monthly LIBOR. The Lender's commitments under the Agreement terminate and any outstanding advances are due on September 26, 2011. The Agreement is attached hereto as Exhibit 10.1 and is incorporated herein by reference. The foregoing description of the Agreement is qualified in its entirety by reference to the full text of such agreement.