Attached files
file | filename |
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EX-12.1 - EX-12.1 - Ready Capital Corp | a18-12287_2ex12d1.htm |
EX-8.1 - EX-8.1 - Ready Capital Corp | a18-12287_2ex8d1.htm |
EX-4.2 - EX-4.2 - Ready Capital Corp | a18-12287_2ex4d2.htm |
EX-1.1 - EX-1.1 - Ready Capital Corp | a18-12287_2ex1d1.htm |
8-K - 8-K - Ready Capital Corp | a18-12287_28k.htm |
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CLIFFORD CHANCE US LLP |
April 27, 2018
Sutherland Asset Management Corporation
1140 Avenue of the Americas
7th Floor
New York, NY 10036
Ladies and Gentlemen:
We have acted as counsel to Sutherland Asset Management Corporation, a Maryland corporation (the Company), in connection with a registration statement on Form S-3 (File No. 333-219213) (the Registration Statement), filed by the Company with the Securities and Exchange Commission (the Commission) under the Securities Act of 1933, as amended (the Securities Act). We are furnishing this letter to you in connection with the offer and sale by the Company of $50,000,000 aggregate principal amount of its 6.50% Senior Notes due 2021 (the Notes), for issuance pursuant to the Underwriting Agreement, dated April 25, 2018 (the Underwriting Agreement), among the Company, Sutherland Partners, L.P., Waterfall Asset Management LLC, and Sandler ONeill & Partners, L.P., as representatives of the several underwriters named therein, and an Indenture, dated as of August 9, 2017, as supplemented by a Second Supplemental Indenture, dated as of April 27, 2018 (collectively, the Indenture), by and between the Company and U.S. Bank, National Association (the Trustee).
In rendering the opinion expressed below, we have examined and relied upon originals or copies, certified or otherwise identified to our satisfaction, of the Registration Statement, the Indenture, the Notes and certain resolutions of the board of directors of the Company (the Board of Directors) and of a pricing committee of the Board of Directors (the Pricing Committee), relating to the transactions contemplated by the Underwriting Agreement and other related matters. As to factual matters relevant to the opinion set forth below, we have relied upon certificates of officers of the Company and public officials and representations and warranties of the parties set forth in the Underwriting Agreement.
Based on, and subject to, the foregoing, the qualifications and assumptions set forth herein and such other examination of law as we have deemed necessary, we are of the opinion that the Notes are the valid and binding obligations of the Company, enforceable against the Company in accordance with their terms, except as the enforcement thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or affecting enforcement of creditors rights generally, or by general principles of equity (regardless of whether enforcement is considered in a proceeding in equity or at law).
The opinion set forth in this letter relates only to the laws of the State of New York and the Maryland General Corporation Law. We express no opinion as to the laws of another
jurisdiction and we assume no responsibility for the applicability, or effect of the law of any other jurisdiction.
We consent to the filing of this opinion as Exhibit 5.1 to a Current Report on Form 8-K that shall be incorporated by reference into the Registration Statement and to the reference to us under the caption Legal Matters in the prospectus supplement which is a part of the Registration Statement. In giving this consent, we do not concede that we are within the category of persons whose consent is required under the Securities Act or the rules and regulations of the Commission promulgated thereunder.
Very truly yours, |
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/s/ Clifford Chance US LLP |
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