• Filing Date: 2020-07-09
  • Form Type: 10-Q
  • Description: Quarterly report
v3.20.2
White Eagle Revolving Credit Facility (Tables) - White Eagle - Revolving Credit Facility
6 Months Ended
May 31, 2020
Debt Instrument [Line Items]  
Schedule of Payouts Based on LTV
After distributions for premium payments, fees to service providers and payments of interest, a percentage of the collections from policy proceeds are to be paid to the Company, which will vary depending on the then LTV ratio as illustrated below where the valuation is determined by the lenders:
LTV
 
Premiums, Interest & Other Fees
 
Principal
 
Distribution to White Eagle - 55%
 
Lender Participation - 45%
N/A
 
100%
 
—%
 
—%
 
—%
>65%
 
N/A
 
100%
 
—%
 
—%
50-65%
 
N/A
 
70%
 
16.5%
 
13.5%
35-50%
 
N/A
 
55%
 
24.8%
 
20.3%
0-35%
 
N/A
 
45%
 
30.3%
 
24.8%
Schedule of Reconciliation of Proceeds Distributed
The below is a reconciliation of proceeds collected by the White Eagle Revolving Credit Facility and distributed from the collection account in accordance with the budget approved by the Bankruptcy court and the White Eagle Revolving Credit Facility termination agreement (in thousands):

 
Six Months Ended May 31, 2019
Collection account balance at December 1, 2018
$
28,059

Face value collected in current quarter
18,342

Face value collected in prior quarters
14,000

Other collections *
1,584

 
$
61,985

Expenses paid from the collection account Post-Petition


Premiums
$
(49,424
)
Interest paid in current quarter
(2,600
)
Interest paid in prior quarters
(2,400
)
White Eagle Credit Facility expenses
(4,340
)
Total payment
$
(58,764
)
 

Collection account balance at May 31, 2019
$
3,221

 
 

*Includes refund of premiums and interest earned on maturity proceeds

Schedule of Advances For Premium Payments and Fees
During the three months and six months ended May 31, 2019, advances for premium payments and fees to service providers amounted to (in thousands):
 
 
Three Months Ended May 31,
 
Six Months Ended May 31,
 
 
2019
 
2019
Amount drawn for premium payments
 
$

 
$
4,221

Total amount drawn
 
$

 
$
4,221