Item 2.01 Completion of Acquisition or Disposition of Assets.
As previously disclosed by
• OnAugust 30, 2019 , RAIT and its affiliatesRAIT Funding LLC , RAITGeneral, Inc. ("RAIT General"),RAIT Limited, Inc. ("RAIT Limited "),Taberna Realty Finance Trust ("TRFT"), RAIT JV TRS, LLC, andRAIT JV TRS Sub, LLC (each, a "Debtor", and together, the "Debtors") filed voluntary bankruptcy cases (the "Chapter 11 Cases") under chapter 11, Title 11 of theU.S. Code in theUnited States Bankruptcy Court for the District of Delaware (the "Bankruptcy Court "). The Chapter 11 Cases are jointly administered under the caption In re:RAIT Funding, LLC , aDelaware limited liability company, et. al.; • On the same date, RAIT, RAIT General,RAIT Limited and TRFT (together, the "Sellers"), entered into an Equity and Asset Purchase Agreement (the "Original Purchase Agreement"), as amended by Amendment No. 1 to the Equity and Asset Purchase Agreement, datedOctober 4, 2019 (the "Amendment", and the Original Purchase Agreement, as so amended, the "Purchase Agreement"), withCF RFP Holdings LLC , aDelaware limited liability company and an entity owned by funds managed by affiliates ofFortress Investment Group LLC ("Buyer"), pursuant to which, among other things, Buyer agreed to purchase certain subsidiaries and assets of the Sellers (together, the "Purchased Assets"); and • OnAugust 29, 2019 , RAIT entered into a Restructuring and Plan Support Agreement (the "RSA") with TRFT, andTP Management LLC , an affiliate of Buyer, in its capacity as delegate collateral manager ("TPM"). TPM is the collateral manager of a securitization collateralized in part by a Junior Subordinated Note due 2035 (the "2035 Note") issued under a Junior Subordinated Indenture, datedOctober 25, 2010 , by and betweenTRFT andWells Fargo Bank, National Association , as Trustee. Pursuant to the RSA, TPM agreed, among other things, to support, and take reasonable necessary actions in furtherance of, the transactions contemplated by the Purchase Agreement.
On
These descriptions are qualified in their entity by reference to the full text
of the Original Purchase Agreement, the Amendment and the RSA, which are filed
as Exhibits 10.1.1, 10.1.2, and 10.2.1, respectively, to RAIT's Quarterly Report
on Form 10-Q for the quarterly period ended
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