August 2022

Repayment of Certain Obligation pursuant to Limited Partnership Agreement.
As of June 15, 2022, Lamington’s cash balance was $18,291,032. Pursuant to a resolution unanimously adopted on April 5, 2022, the Lamington Board increased the Minimum Cash Balance from $4,000,000 to $4,000,000 plus the amount necessary to repay certain amounts arising pursuant to the Amended and Restated Agreement of Limited Partnership (the “LPA”) of White Eagle Asset Portfolio, LP (the “Partnership”) in full. On July 14, 2022, the LPA of the Partnership was amended to permit repayment of those obligations (the “Second Amended and Restated LPA”).

As permitted by the Second Amended and Restated LPA, on July 15, 2022, Lamington repaid in full certain debts owed by Lamington to the Partnership in the amount of $10,927,797.03. These debts were classified as the Class D Interest arising in connection with the White Eagle Asset Portfolio, LP bankruptcy proceeding in 2019.

Unaudited Interim Financials
On August 29, 2022, Lamington Road DAC (the “Lamington”) provided U.S. Bank National Association, as Trustee (the “Trustee”) under the Lamington Indenture with respect to the Lamington’s outstanding Series A Notes, Series B Notes and the PPNs, with the Company’s interim financial report for the first six months of FY2022 (the “FY2022 Interim Financials”).  The FY2022 Interim Financials are posted here.

Lamington notes that the Interim Financials do not reflect events occurring after May 31, 2022, including Lamington’s repayment in full of certain debts owed by Lamington to White Eagle in the amount of $10,927,797.03.  This transaction was disclosed on this website under the heading “Repayment of Certain Obligation pursuant to Limited Partnership Agreement.”.  As a result of the repayment of the Class D Interests, Lamington expects to receive from White Eagle a minimum payment of $4 million annually from August 2022 until August 2027 with additional payments by White Eagle to Lamington dependent on the performance of the White Eagle portfolio.

Lamington Road DAC – Unaudited Financial Statements May 31 2022