• Filing Date: 2018-05-10
  • Form Type: 10-Q
  • Description: Quarterly report
v3.8.0.1
White Eagle Revolving Credit Facility (Tables)
3 Months Ended
Mar. 31, 2018
Debt Instrument [Line Items]  
Schedule of Interest Expense on Facility
Total interest expense on the facility during the three months ended March 31, 2018 and 2017 paid through the waterfall distribution from maturity proceeds or paid directly by White Eagle was as follows (in thousands):

 
Three Months Ended
March 31,
 
2018
 
2017
Interest paid through waterfall
$
5,187

 
$
2,412

Interest paid by White Eagle

 
782

Participation interest paid through waterfall
340

 

Total interest expense
$
5,527

 
$
3,194

Revolving Credit Facility | White Eagle  
Debt Instrument [Line Items]  
Schedule of Proceeds Distributed
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 Long-term Debt Instruments
For the three months ended March 31, 2018 and 2017, approximately $7.8 million and $2.5 million, respectively, of proceeds received from the maturity of policies pledged under the White Eagle Revolving Credit Facility, were distributed through the waterfall in the following stages of priority (in thousands):

 
Three Months Ended
March 31, 2018
 
Three Months Ended
March 31, 2017
 
 
Clause
Amount
 
Use of Proceeds
First:
$
84

 
$
59

 
Custodian and Securities Intermediary
Second:

 

 
White Eagle - Ongoing Maintenance Cost Reimbursable
Third:

 

 
Administrative Agent - Protective Advances
Fourth:
10

 
10

 
Administrative Agent - Administrative Agent Fee and Legal Expense Reimbursement
Fifth:
5,187

 
2,412

 
Administrative Agent - Accrued and Unpaid Interest
Sixth:
1,763

 

 
Administrative Agent - Required Amortization
Seventh:

 

 
Administrative Agent - Amortization Shortfall
Eighth:
340

 

 
Administrative Agent - Participation Interest
Ninth:

 

 
Reserved - $0
Tenth:

 

 
Administrative Agent Aggregate Unpaid Participation Interest
Eleventh:

 

 
Administrative Agent - Remaining Available Amount After Clause First to Tenth
Twelfth:

 

 
Wilmington Trust - Custodian and Securities Intermediary - Unpaid Fees
Thirteenth:
416

 

 
Borrower - Any Remaining Available Amount After Clause First to Twelfth
Total Distributions
$
7,800

 
$
2,481

 
 
Schedule of Reconciliation of Proceeds Distributed
The below is a reconciliation of proceeds collected by the White Eagle Revolving Credit Facility and distributed through the waterfall as shown above (in thousands):
Face value collected in 2017 and distributed in 2018
$
7,759

Face value collected in 2018
23,345

Other collections*
211

Total waterfall collection
31,315

Less: Total waterfall distribution during the three months ended March 31, 2018
(7,799
)
Total to be distributed subsequent to the quarter ended March 31, 2018
23,516

 
 
*Includes refund of premiums and interest earned on maturity proceeds

Schedule of Long-term Debt Instruments, Advances for Premium Payments and Fees
During the three months ended March 31, 2018 and 2017, advances for premium payments and fees to service providers amounted to (in thousands):

 
Three Months Ended March 31,
 
 
2018
 
2017
 
Amount drawn for premium payments
$
22,132

 
$
20,759

 
Amount drawn in fees to service providers
640

 
525

 
Total amount drawn
$
22,772

 
$
21,284