LendingClub Corporation (NYSE:LC) Files An 8-K Entry into a Material Definitive AgreementItem 1.01
Entry into a Material Definitive Agreement
On September 18, 2018, LendingClub Corporation (the “Company”) entered into the Amendment No. 1 to Credit and Guaranty Agreement and Pledge and Security Agreement (the “Amendment”) with LendingClub Asset Management, LLC, Springstone Financial, LLC (together with LendingClub Asset Management, LLC, the “Guarantors”), Morgan Stanley Senior Funding, Inc., as administrative agent (in such capacity, the “Administrative Agent”) and as collateral agent (in such capacity, the “Collateral Agent”), and the Lenders (as defined below) party thereto.
The Amendment amends certain provisions of the Credit and Guaranty Agreement (the “Credit Agreement”), dated as of December 17, 2015, among the Company, the Guarantors, the Administrative Agent, the Collateral Agent, Goldman Sachs Bank USA, as syndication agent, Credit Suisse Securities (USA) and Silicon Valley Bank, as co-documentation agents, and the lenders party thereto (the “Lenders”) and the Pledge and Security Agreement, dated as of December 17, 2015, among the Company, the Guarantors and the Collateral Agent (the “Pledge and Security Agreement”).
The Amendment provides for additional carve-outs for the indebtedness, liens, asset dispositions, restrictive agreements and investments negative covenants in the Credit Agreement. The Amendment also provides for an additional exception for the type of assets that are excluded from the assets pledged under the Pledge and Security Agreement to secure the extensions of credit provided to the Company under the Credit Agreement. The Amendment contains customary warranties of the Company and the Guarantors.
The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.
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Item 9.01 |
Financial Statements and Exhibits |
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(d) |
Exhibits |
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LendingClub Corp ExhibitEX-10.1 2 exhibit10192118.htm EXHIBIT 10.1 Exhibit Exhibit 10.1AMENDMENT NO. 1 TO CREDIT AND GUARANTY AGREEMENT ANDPLEDGE AND SECURITY AGREEMENT This AMENDMENT NO. 1 TO CREDIT AND GUARANTY AGREEMENT AND PLEDGE AND SECURITY AGREEMENT,…To view the full exhibit click here
About LendingClub Corporation (NYSE:LC)
LendingClub Corporation (Lending Club) provides online marketplace to connect borrowers and investors. Consumers and small business owners borrow through Lending Club. Investors use Lending Club to earn risk-adjusted returns from an asset class that is only available on a limited basis to large institutional investors. Its technology automates aspects of operations, including the borrower application process, data gathering, credit decisioning and scoring, loan funding, investing and servicing, regulatory compliance and fraud detection. Its platform offers analytical tools and data to enable investors to make decisions and assess their portfolios. Its technology platform has allowed it to expand its offerings from personal loans to include small business loans, and to expand investor classes from individuals to institutions and create various investment vehicles. Its solution offers an online application process and provides borrowers with access to live support and online tools.
