Document:

enva-ex102_71.htm

Exhibit 10.2

ENOVA INTERNATIONAL, INC. 

FIRST AMENDED AND RESTATED ANNUAL SHORT-TERM INCENTIVE PLAN

 

 

 

SECTION 1

ESTABLISHMENT AND PURPOSE

 

1.1Background and Purpose. This Enova International, Inc. Annual Short-Term Incentive Plan (the “Plan”) is hereby established for Enova International, Inc. (the “Company”) and all of its subsidiaries and Affiliates and is intended to increase stockholder value and the success of the Company by motivating eligible Associates who become Participants under this Plan (a) to perform to the best of their abilities, and (b) to achieve the Company’s objectives.  The Plan’s goals are to be achieved by providing Participants the ability to receive short-term incentive awards based on the achievement of goals relating to the performance of the Company, its individual business units and/or on individual performance.  This Plan is intended to amend and restate the prior Enova International, Inc. Annual Short-Term Incentive Plan (the “Prior Plan”) in accordance with Section 7 of the Prior Plan, which Prior Plan shall be amended, restated and superseded by this Plan on the date on which this Plan is approved by the Management Development and Compensation Committee of the Company’s Board of Directors.

 

 

1.2Effective Date.  The Plan shall be effective as of October 14, 2014.

 

SECTION 2

DEFINITIONS

 

The  following  words  and  phrases  shall  have  the  following  meanings  unless  a  different meaning is plainly required by the context:

 

2.1“Actual Award” means, as to any Plan Year, the actual award (if any) payable to a Participant for the Plan Year.  An Actual Award is determined by the Payout Formula for the Plan Year, subject to the Committee’s authority under section 3.5 to increase, reduce or eliminate the award otherwise determined by the Payout Formula.

 

2.2“Affiliate” means any entity that, directly or indirectly through one or more intermediaries is, controlled by, controlling, or under common control with, the Company.

 

2.3“Associate” means any employee or officer of the Company or any of its subsidiaries or Affiliates.

 

2.4“Base  Salary”  means,  as  to  a  Participant  for  any  Plan  Year,  (i)  100%  of  the Participant’s base salary actually paid during the Plan Year before both (a) deductions for taxes or benefits, and (b) deferrals of compensation pursuant to any compensation or benefit plans sponsored by the Company or any of its subsidiaries or Affiliates, or (ii) such compensation amounts as may be established by the Committee using any other method as may be determined by the Committee to be appropriate on or prior to the Determination Date.  The Committee shall establish in writing in the applicable STI Terms and Conditions on or prior to the Determination Date the method of computing Base Salary for the Plan Year, including, as applicable, the manner of taking into account any changes in the Participant’s annual rate of base pay during the Plan Year and the specified date as of 

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which Base Salary for the Plan Year shall be determined.   In any case, such Base Salary shall be before  both  (a) deductions  for  taxes  or  benefits,  and  (b) deferrals  of  compensation  pursuant  to Company-sponsored plans. 

 

2.5“Board” means the Company’s Board of Directors.

 

2.6“Code” means the Internal Revenue Code of 1986, as amended.   Reference to a specific Section of the Code shall include such Section, any valid regulation promulgated thereunder, and any comparable provision of any future legislation or regulation amending, supplementing, or superseding such Section or regulation.

 

2.7“Committee” means the Management Development and Compensation Committee of the Board or such other committee or subcommittee as may be appointed by the Board or the Management Development and Compensation Committee to administer the Plan.   The Committee shall consist of no fewer than two members of the Board.  The members of the Committee shall be appointed by, and serve at the pleasure of, the Board.

 

2.8“Company” means Enova International, Inc., a Delaware corporation.

 

2.9“Determination Date” means, as to any Plan Year, the day of the Plan Year in which the Committee establishes the STI Terms and Conditions for this Plan for such Plan Year; provided, however, in no event shall the Determination Date for any particular Plan Year occur later than the

15th day of March of such Plan Year.

 

2.10“Disability” means a permanent and total disability determined in accordance with uniform and nondiscriminatory standards adopted by the Committee from time to time.

 

2.11“Maximum Award” means as to any Participant for any Plan Year, Three Million ($3,000,000) Dollars.  The Maximum Award is the maximum amount which may be paid to a Participant for awards earned pursuant to this Plan during any Plan Year.

 

2.12“Participant” means, as to any Plan Year, any Associate of the Company or any of its subsidiaries or Affiliates who has been selected for participation in the Plan for that Plan Year as set forth in the STI Terms and Conditions for such Plan Year.

 

2.13“Payout  Formula”  means,  as  to  any  Plan  Year,  the  formula  or  payout  matrix established by the Committee pursuant to Section 3.5, below, in order to determine the Actual Awards (if any) to be paid to Participants and set forth in the STI Terms and Conditions for such Plan Year.  The Payout Formula may differ from Participant to Participant.

 

2.14“Performance  Goals”   means   any  performance   goal(s)   (or   combined   goal(s)) determined by the Committee (in its discretion) to be applicable to a Participant for a Plan Year, if any.  As determined by the Committee, such Performance Goals may be based on the attainment of one or more objective financial or objective strategic business initiative formulas, standards or measures with respect to the Company or an Affiliate, or such subsidiary, division or department of the Company or an Affiliate for or within which the Participant performs services. To the extent specified in an objectively determinable manner by the Committee at the time the Performance Goals are established, any financial measure or metric may exclude the effect of unusual or non-recurring items and shall include or exclude (as applicable) specified components of the applicable financial measure.  Performance Goals, if established, shall be set forth by the Committee in writing and included in the 

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STI Terms and Conditions for each Plan Year.  Performance Goals may be expressed in absolute or relative terms, including, without limitation, relative to a base period and/or to the performance of other companies.

 

2.15“Plan” has the meaning assigned to such term in Section 1.1.

 

2.16“Plan  Year”  means  the  2015  fiscal  year  and  each  succeeding  fiscal  year  of  the  Company.

 

2.17“Service Date” means, as to any Plan Year, the date the Committee establishes on the Determination Date (and includes in the STI Terms and Conditions) for that Plan Year, as the date each Associate must be employed by the Company or any of its subsidiaries or Affiliates in order for such Associate to receive payment for any Actual Award under the Plan for such Plan Year, if any, with such date to be determined by the Committee in its discretion; provided, however, the Service Date for a particular Plan Year may be no earlier than December 31 of such Plan Year and no later than March 15 of the calendar year immediately following such Plan Year. If no Service Date is set forth in the STI Terms and Conditions for any particular Plan Year, the date of payment of the Actual Award, as determined by the Committee in accordance with Section 4.2, shall be deemed the Service Date.

 

2.18“STI  Terms  and  Conditions”  means  the  specific  terms  and  conditions  for  the Company’s short-term incentive program established in writing by the Committee pursuant to this Plan for any particular Plan Year and such terms and conditions will include, without limitation, Participant eligibility requirements, Performance Goals, Target Awards and Payout Formulas.

 

2.19“Target Award” means the target award under this Plan for each Participant for the Plan Year in question, which may be expressed as a percentage of the Participant’s Base Salary or on any other basis as determined by the Committee in accordance with Section 3.4 below and the parameters for any such Target Award for a particular Plan Year shall be set forth in the STI Terms and Conditions for such Plan Year.

 

SECTION 3

SELECTION OF PARTICIPANTS AND DETERMINATION OF AWARDS

 

3.1STI Terms and Conditions.  On the Determination Date, the Committee, in its sole discretion, shall establish the specific STI Terms and Conditions for the Plan Year.

 

3.2Selection of Participants.  On the Determination Date, the Committee, in its sole discretion, shall select the Associates of the Company and any of its subsidiaries or Affiliates who shall be Participants for the Plan Year.  In selecting Participants, the Committee shall choose such Associates of the Company or its subsidiaries or Affiliates as the Committee, in its sole discretion, deems appropriate for inclusion under the Plan in such Plan Year.  The Committee may, in its sole discretion,  determine  whether  or  not  to  include  any Associates  who  are  included  in  any  other incentive program offered by the Company or any of its subsidiaries or Affiliates as Participants for such Plan Year.  Participation in the Plan is in the sole discretion of the Committee, and is determined on a Plan Year by Plan Year basis.  Accordingly, an Associate who is a Participant for a given Plan Year in no way is guaranteed or assured of being selected for participation in any subsequent Plan Year or Years.  The actual Participants under this Plan for any particular Plan Year shall be described in the STI Terms and Conditions for such Plan Year.

 

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3.3Determination of Performance Goals.  On the Determination Date, the Committee, in its sole discretion, shall establish the Performance Goals for each Participant for the Plan Year.  Such Performance Goals shall be set forth in the STI Terms and Conditions for the applicable Plan Year.

 

3.4Determination of Target Awards.  On the Determination Date, the Committee, in its sole discretion, shall establish a Target Award for each Participant. Each Participant’s Target Award shall be determined by the Committee in its sole discretion, and each Target Award shall be set forth in the STI Terms and Conditions for the applicable Plan Year.

 

3.5Determination of Payout Formula or Formulae.  On the Determination Date, the Committee, in its sole discretion, shall establish a Payout Formula or Formulae for purposes of determining the Actual Award (if any) payable to each Participant.  Each Payout Formula shall (a) be set forth in writing in the applicable STI Terms and Conditions for such Plan Year, (b) be based on a comparison of actual performance to the Performance Goals, if any, (c) provide for the payment of a Participant’s Target Award if the Performance Goals, if any, for the Plan Year are achieved, subject to the terms of Section 3.6 below, and (d) indicate whether the Committee will be entitled to provide for an Actual Award greater than or less than the Participant’s Target Award, depending upon the extent to which actual performance exceeds or falls below the Performance Goals.  Notwithstanding the preceding, in any particular Plan Year, no Participant’s Actual Award under the Plan may exceed the Maximum Award.

 

3.6Determination of Actual Awards. After the end of each Plan Year, the Committee shall determine the extent to which the Performance Goals applicable to each Participant for the Plan Year, if any, were achieved or exceeded.  The Actual Award for each Participant shall be determined by applying the Payout Formula to the level of actual performance.  Notwithstanding any contrary provision contained in the Plan or in any applicable STI Terms and Conditions, (a) the Committee, in its sole discretion, may increase, reduce or eliminate the Actual Award that would otherwise be payable under the Payout Formula for any or all Participants in any particular Plan Year, (b) if a Participant terminates employment with the Company and all of its subsidiaries and Affiliates on or prior to the applicable Service Date for the particular Plan Year, including by reason of Disability (but excluding by reason of death), such Participant shall not be entitled to the payout of an Actual Award for the Plan Year unless such payment is otherwise required by applicable federal, state or local law; provided, however, that the Committee, in its discretion, may (i) waive the requirement that a Participant be employed on the Service Date to receive payout of an Actual Award for the Plan Year and authorize payment to the Participant of all or a portion of the Actual Award for that Participant based on the Payout Formula applicable to the Participant and actual achievement of the Performance Goals for the Plan Year, if any, or (ii) permit an Actual Award to be assumed by a former Affiliate in accordance with Section 5.4 below.

 

SECTION 4

PAYMENT OF AWARDS

 

4.1Right to Receive Payment.  Each Actual Award that may become payable under the Plan shall be paid solely from the general assets of the Company.  Nothing in this Plan shall be

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 construed to create a trust or to establish or evidence any Participant’s claim of any right other than as 

 an unsecured general creditor with respect to any payment to which such Participant may be entitled.

 

4.2Timing of Payment.  Payment of each Actual Award shall be made between January 2 and March 15, inclusive, following the end of the Plan Year for which the Actual Award was based, with the payment date for the Actual Award to be designated by the Committee in its discretion at the time the Committee reviews and finally determines the Company’s performance and, if applicable, the Performance Goals applicable to each Participant, for the Plan Year, as described in Section 3.6.

 

4.3Form of Payment.  Each Actual Award shall be paid in a single lump sum, and shall be paid in cash (or an equivalent).

 

4.4Deferral of Actual Awards.   The Committee may establish one or more programs under the Plan to permit selected Participants the opportunity to elect to defer receipt of Actual Awards.  The Committee may establish the election procedures, the timing of such elections, the mechanisms for payments of, and accrual of interest or other earnings, if any, on amounts so deferred and such other terms, conditions, rules and procedures that the Committee deems advisable for the administration of any such deferral program.  The establishment, terms and operations of any such program shall be executed in a manner that complies with Code Section 409A.   For any Actual Awards  that  provide  nonqualified  deferred  compensation  subject  to  Code  Section  409A(a)(2), payment of the Actual Award to a “specified employee,” as defined in Code Section 409A, upon separation from service, to the extent required under Code Section 409A, shall not be made before six months after the date on which the separation from service occurs.  The Plan generally is intended to provide awards that qualify as short-term deferrals exempt from Code Section 409A.  To the extent that any Actual Awards are deferred hereunder, this Plan is intended to comply with Code Section

409A, and shall be interpreted accordingly.

 

4.5Payments in the Event of Death.  If a Participant dies after the end of a Plan Year but prior to either the Service Date or the Actual Award payment date applicable to such Plan Year, and if, but for the Participant’s death, the Participant would have been entitled to receive an Actual Award attributable to such Plan Year, the Actual Award shall be paid to the Participant’s estate.

 

SECTION 5

ADMINISTRATION

 

5.1Committee is the Administrator.  The Plan shall be administered by the Committee.

 

5.2Committee Authority.  The Committee shall have all discretion and authority necessary or appropriate to administer the Plan and any applicable STI Terms and Conditions under the Plan and to interpret the provisions of the Plan and any applicable STI Terms and Conditions.  Any determination,   decision   or   action   of   the   Committee   in   connection   with   the   construction, interpretation, administration or application of the Plan or any applicable STI Terms and Conditions shall be final, conclusive and binding upon all persons, and shall be given the maximum deference permitted by law.

 

5.3Tax  Withholding.    The  Company  shall  withhold  all  applicable  taxes  from  any payment, including, but not limited to, any federal, foreign, state and local taxes.

 

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5.4 Assumptions of Awards by Former Affiliates.  In the event that an Affiliate becomes a separate publicly-held corporation (within the meaning of Code Section 162(m)) during a Plan Year and, as a result, ceases to be an Affiliate, the Committee, in its sole discretion, may (i) permit such former Affiliate to assume responsibility for awards established by the Committee for such Plan Year for Participants who are employed by such former Affiliate or its subsidiaries and (ii) to the extent permitted under applicable law, delegate to the compensation committee of such former Affiliate (or a committee that functions as such former Affiliate's compensation committee) the Committee’s authority  to  administer  each  such  award  after  such  former  Affiliate  ceases  to  be  an  Affiliate, including making any and all determinations required by the Plan.

 

5.5Assumption of Awards Established by Former Parent Company.  As of the Effective Date, the Company is a wholly-owned subsidiary of Cash America International, Inc. (the “Parent”). In the event that the Company becomes a separate publicly traded corporation during a Plan Year and, as a result, ceases to be an Affiliate of the Parent during such Plan Year, the Committee in its sole discretion, may (i) assume responsibility for administering the short-term incentive plan terms and conditions for the Associates of the Company and its subsidiaries and Affiliates established by the Parent for such Plan Year, (ii) subject such terms and conditions to the provisions of this Plan beginning on the date the Company first becomes a separate publicly traded corporation and the Determination Date for such terms and conditions shall be deemed the date such terms and conditions were established by the Parent and such terms and conditions shall be deemed the STI Terms and Conditions hereunder for the Plan Year in which the Company becomes a separate publicly traded corporation, as if the Committee had established the same on such Determination Date, and (iii) assume the authority of the compensation committee of such former Parent (or a committee that functions as such former Parent's compensation committee) to administer each award for the Associates covered by such STI Terms and Conditions for such Plan Year, including making any and all determinations required by the Plan or such STI Terms and Conditions.

 

SECTION 6

GENERAL PROVISIONS

 

6.1Nonassignability.  A Participant shall have no right to encumber, assign or transfer any interest under this Plan.

 

6.2No Effect on Employment.  The establishment and subsequent operation of the Plan, including eligibility as a Participant, shall not be construed as conferring any legal or other rights upon a Participant for the continuation of employment during any Plan Year or any other period. Generally, employment with the Company is on an at will basis only.  Except as may be provided in an employment contract with the Participant, the Company expressly reserves the right, which may be exercised at any time and without regard to when during a Plan Year such exercise occurs, to terminate any individual’s employment with or without cause, and to treat any individual without regard to the effect which such treatment might have upon him or her as a Participant.

 

6.3No Individual Liability.  No member of the Committee or the Board, or any officer of the Company, shall be liable for any determination, decision or action made in good faith with respect to the Plan, any STI Terms and Conditions established under the Plan or any award made or not made under the Plan.

 

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6.4Severability; Governing Law.  If any provision of the Plan is found to be invalid or unenforceable, such provision shall not affect the other provisions of the Plan, and the Plan shall be construed in all respects as if such invalid provision has been omitted.  The provisions of the Plan shall be governed by and construed in accordance with the laws of the State of Illinois, with the exception of Illinois’ conflict of laws provision.

 

6.5Affiliates of the Company.  Requirements referring to employment with the Company or payment of awards may, in the Committee’s sole discretion, be performed through the Company or any subsidiary or Affiliate of the Company.

 

6.6Compensation Recovery.  Notwithstanding anything in the Plan to the contrary, in the event that the Company is required to materially restate its financial results due to the Company’s material noncompliance with any financial reporting requirement under Federal securities laws, excluding a material restatement of such financial results due solely to a change in generally accepted accounting principles in the United States or such other accounting principles that may be adopted by the Securities and Exchange Commission and are or become applicable to the Company, and such accounting restatement is required at any time within two years following the applicable incentive payment date, the Committee may, in its sole discretion or as necessary to comply with applicable law, require any Participant hereunder who was an officer of the Company or any of its subsidiaries or Affiliates at the time such misstatement or material noncompliance occurred to repay to the Company and/or its subsidiaries or Affiliates an amount equal to all or any portion of the incentive payment such Participant received under the Plan with respect to the applicable incentive payment date as may be determined to be appropriate or necessary by the Committee or as may be required by applicable  law.  Such  repayment  obligation  shall  be  effective  as  of  the  date  specified  by  the Committee. Any repayment obligation will be satisfied in cash or in such other form of consideration, such  as  shares  of  stock  of  the  Company,  permitted  by  applicable  law  and  acceptable  to  the Committee, and the Committee may provide for an offset to any future payments owed by the Company or any of its subsidiaries or Affiliates to such Participant if necessary to satisfy the repayment obligation; provided, however, that if any such offset is prohibited under applicable law, the Committee shall not permit any such offset and may require immediate repayment by such Participant. Notwithstanding the foregoing, to the extent required to comply with applicable law, any applicable stock exchange listing requirements and/or any compensation recovery or clawback policy adopted by the Company after the Effective Date, the Company may unilaterally amend this Compensation Recovery provision without the approval of the Company's stockholders or any Participant  hereunder,  and  any  such  amendment  shall  be  made  by  providing  notice  of  such amendment to each Participant affected by the amendment, and such amendment shall be binding on each  such  Participant;  provided,  however,  regardless  of  whether  the  Company  makes  such  a unilateral amendment to this Compensation Recovery provision or provides such notice to any such Participant,  such  Participant  shall  be  bound  by  any  compensation  recovery or  clawback  policy adopted by the Company after the Effective Date.

 

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SECTION 7

AMENDMENT AND TERMINATION

 

7.1Amendment and Termination.   The Committee may amend or terminate the Plan or any particular Plan Year’s STI Terms and Conditions at any time and for any reason, as the same may be determined by the Committee in the Committee’s sole discretion.

 

INITIALLY ADOPTED BY THE 

BOARD OF DIRECTORS OF ENOVA INTERNATIONAL, INC.

 

ON  , 2014

 

APPROVED AND ADOPTED BY THE MANAGEMENT DEVELOPMENT AND COMPENSATION COMMITTEE OF THE BOARD OF DIRECTORS OF ENOVA INTERNATIONAL, INC. ON 

OCTOBER 9, 2018

 

 

8enva-ex103_50.htm

Exhibit 10.3

THIRD AMENDMENT TO CREDIT AGREEMENT

 

 

THIS THIRD AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), dated as of July 1, 2019, is made by and among ENOVA INTERNATIONAL, INC., a Delaware corporation (“Parent”), certain wholly-owned Restricted Subsidiaries (as defined in the Credit Agreement defined below) of the Parent party hereto as borrowers (each such person and the Parent, individually, a “Borrower” and collectively, jointly and severally, the “Borrowers”), the guarantors party hereto (the “Guarantors”), the Lenders (as defined in the Credit Agreement defined below) party hereto (which constitute 100% of the Lenders as of the Third Amendment Effective Date (as defined below)), and TBK BANK, SSB, as administrative agent and collateral agent for the Lenders (in such capacities, the “Administrative Agent”).

RECITALS

A.The Borrowers, Guarantors, Administrative Agent and the Lenders are parties to that certain Credit Agreement dated as of June 30, 2017, as amended by that certain First Amendment to Credit Agreement, dated as of April 13, 2018 and as amended by that certain Second Amendment to Credit Agreement, dated as of October 5, 2018 (as may be further amended, restated, extended, supplemented and/or otherwise modified from time to time, the “Credit Agreement”);  

B.Borrowers have requested (i) Lenders to extend the Maturity Date to June 30, 2022, and (ii) that certain amendments to the Credit Agreement be made subject to the terms and conditions as set forth in this Amendment; and

C.Administrative Agent and the Lenders have agreed to such extension of the Maturity Date and to make certain amendments to the Credit Agreement subject to the terms and conditions as set forth in this Amendment.

NOW, THEREFORE, in consideration of the foregoing and the mutual covenants herein contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties, intending to be legally bound agree as follows:

ARTICLE I
DEFINITIONS

1.01Capitalized terms used in this Amendment which are defined in the Credit Agreement shall have the same meanings as defined therein, unless otherwise defined herein.

ARTICLE II
AMENDMENTS

2.01Amendment to definition of “Bank Product Provider”. Effective as of the Third Amendment Effective Date, the definition of “Bank Product Provider” in Section 1.1 of the Credit Agreement is hereby amended by amending and restating clause (i) thereof to read in its entirety as follows:

(i) Veritex Community Bank, as successor in interest to Green Bank, N.A. and

 

2.02Amendment to definition of “Borrowing Base”.  Effective as of the Third Amendment Effective Date, the definition of “Borrowing Base” in Section 1.1 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

 

 

(a)65% of the Eligible Accounts, minus

(i)two percent (2.0%) for each percent that Dilution exceeds twenty-five percent (25%) of the Eligible Accounts, until the advance rate equals fifty-three percent (53%), and

(ii)additional reductions below fifty-three percent (53%) of at least two percent (2.0%) for each percent that Dilution exceeds thirty-one percent (31%) unless a lesser reduction rate is approved by one hundred percent (100%) of the Lenders, plus

(b)unrestricted cash and cash equivalents of the Credit Parties to the extent held in deposit accounts either (x) maintained by the Revolving Agent and to which Borrowers have no access to such funds and (y) over which the Revolving Agent has Control (as such term is defined in the UCC pursuant to a full dominion Controlled Account Agreement), minus

(c)the aggregate amount of Reserves, if any, established by Administrative Agent.

Decreases permitted under Section (a)(i) above may be made from time to time by the Administrative Agent in the exercise of its Permitted Discretion, following ten (10) Business Days’ prior written notice to the Parent specifying in reasonable detail the reason for such reduction.

Decreases permitted under Section (a)(ii) above may be made by the Administrative Agent in its Permitted Discretion at any time and from time to time.

2.03Amendment to definition of “Maturity Date”.  Effective as of the Third Amendment Effective Date, the definition of “Maturity Date” in Section 1.1 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

“Maturity Date” shall mean June 30, 2022.

 

2.04Additions to Section 1.1.  Effective as of the Third Amendment Effective Date, Section 1.1 of the Credit Agreement is hereby amended by adding the following definitions in appropriate alphabetical order as follows:

“Dilution” means, as of any date of determination, calculated as set forth on the Dilution Statement on a trailing twelve-month basis, a percentage that is the result of dividing the dollar amount of:

 

(a) bad debt write-downs, charge-offs, discounts, credits, deductions, or other dilutive items as determined by Administrative Agent with respect to Borrowers’ Eligible Accounts (referred to as C/Os on the Dilution Statement) minus recoveries (referred to as Recoveries on the Dilution Statement), by 

 

(b) the sum of, with respect to Eligible Accounts:

  

(i)Borrowers’ newly underwritten loans (referred to as Cons Written on the Dilution Statement) plus 

(ii)renewals and refinances (referred to as Adjusted Sales on the Dilution Statement), plus 

 

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(iii)loan origination costs (referred to as Origin Costs on the Dilution Statement), plus 

(iv)interest (referred to as Fin Chgs Act Lns on the Dilution Statement);

provided, however, that notwithstanding anything to the contrary herein, (i) the amount of any such dilutive items shall have a reasonable relationship to the event, condition or other matters that are the basis for such change, (ii) the implementation of any dilutive item resulting in an overadvance shall not be deemed to cause a Default or an Event of Default until three (3) Business Days thereafter, and (iii) the Lenders and the Administrative Agent agree that to the extent that the Borrowing Base, on any date of determination, exceeds the Maximum Revolver Amount, the Dilution will not apply to the Maximum Revolver Amount and shall only be applied against the Borrowing Base, as opposed to the Maximum Revolver Amount.

“Dilution Statement” means the statement setting forth the Dilution at the end of each fiscal period of the Parent substantially in the form set forth on Exhibit A to the Third Amendment, as such exhibit may be updated from time to time upon the mutual agreement of Parent and Administrative Agent.

 

“Third Amendment” means that certain Third Amendment to Credit Agreement, dated as of the Third Amendment Effective Date, by and among Borrowers, Guarantors, Administrative Agent and the Lenders party thereto.

“Third Amendment Extension Fee” shall have the meaning given to such term in the Third Amendment.

“Third Amendment Effective Date” means July 1, 2019.

 

2.05Amendment to Section 2.4(d). Effective as of the Third Amendment Effective Date, Section 2.4(d) of the Credit Agreement is hereby amended by removing “50%” and replacing it with “40%”.

2.06Amendment to Section 5.1. Effective as of the Third Amendment Effective Date, Section 5.1 of the Credit Agreement is hereby amended by removing the “and” at the end of Section 5.1(a), removing the period at the end of Section 5.1(b) and replacing it with “; and”, and adding a new section “5.1(c)” following the end of Section 5.1(b) thereof to read as follows:

“(c)Quarterly Dilution Statements. Within (i) 45 days after the end of each of the first three (3) quarterly fiscal periods of each fiscal year of the Parent and (ii) 90 days after the end of each fiscal year of the Parent, a statement setting forth the Dilution as of the end of such fiscal period, specifying in reasonable detail as calculated on the Dilution Table, and certified by a Responsible Officer of the Parent and its Consolidated Subsidiaries.”

 

2.07Amendment to Schedule 2.1(a).  Effective as of the Third Amendment Effective Date, Schedule 2.1(a) to the Credit Agreement is hereby amended, restated and replaced in its entirety by Schedule 2.1(a) attached hereto.

ARTICLE III
No WAIVER 

 

3.01No Waiver.  Nothing contained in this Amendment shall be construed as a waiver by Administrative Agent or any Lender of any covenant or provision of the Credit Agreement or the other 

 

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Credit Documents, and the failure of Administrative Agent or any Lender at any time or times hereafter to require strict performance by the Credit Parties of any provision thereof shall not waive, affect or diminish any right of Administrative Agent and the Lenders to thereafter demand strict compliance therewith. Administrative Agent and the Lenders hereby reserve all rights granted under the Credit Agreement, the other Credit Documents and this Amendment.

ARTICLE IV.
CONDITIONS PRECEDENT

4.01Conditions to Effectiveness. This Amendment shall become effective only upon the satisfaction in full, in a manner reasonably satisfactory to Administrative Agent, of the following conditions precedent (the first such date upon which all such conditions have been satisfied being herein called the “Third Amendment Effective Date”):

(a)Administrative Agent shall have received this Amendment, duly executed by Borrowers, Guarantors and Lenders in form and substance reasonably satisfactory to Administrative Agent and each Lender and its respective counsel.

(b) Administrative Agent shall have received a Second Amended and Restated Revolving Loan Note duly executed by Borrowers in favor of Veritex Community Bank, as successor in interest to Green Bank, N.A., after giving effect to the Third Amendment Assignment (as defined below).

(c)[Reserved].

(d)[Reserved].

(e)[Reserved].

(f)[Reserved].

(g)The representations and warranties made by the Credit Parties herein and in the other Credit Documents shall (i) with respect to representations and warranties that contain a materiality qualification, be true and correct in all respects and (ii) with respect to representations and warranties that do not contain a materiality qualification, be true and correct in all material respects, in each case on and as of the date of the Third Amendment Effective Date as if made on and as of such date except for any representation or warranty made as of an earlier date, which representation and warranty shall remain true and correct as of such earlier date.

(h)No Default or Event of Default shall have occurred and be continuing on the Third Amendment Effective Date or immediately after giving effect to the Third Amendment unless such Default or Event of Default shall have been waived in accordance with the Credit Agreement.

(i)[Reserved].

(j)Administrative Agent shall have received all other corporate and other proceedings, and all documents, instruments and other legal matters in connection with the transactions contemplated by this Amendment shall be reasonably satisfactory in form and substance to Administrative Agent and its counsel.

(k)Borrowers shall have paid the Third Amendment Extension Fee (as defined below) and all other fees, costs and expense due and payable as of the Third Amendment Effective Date under the Credit Agreement and the other Credit Documents.

 

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(l)[Reserved].

(m)Administrative Agent shall have received a duly executed Assignment and Assumption (the “Third Amendment Assignment”) documenting the transfer of Jefferies Finance LLC’s Revolving Commitment to Veritex Community Bank, as successor in interest to Green Bank, N.A., and evidence that all terms have been complied therewith, which shall be deemed effective immediately prior to this Amendment. 

For purposes of determining compliance with the conditions specified in this Article IV, each Lender that has signed this Amendment shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the Third Amendment Effective Date specifying its objection thereto.

ARTICLE V
MISCELLANEOUS PROVISIONS

5.01[Reserved].

5.02Survival of Representations and Warranties; Additional Representations and Warranties. (a) All representations and warranties made in the Credit Agreement, the Amendment and the other Credit Documents, shall survive the execution and delivery of this Amendment, and no investigation by Administrative Agent or any Lender shall affect the representations and warranties or the right of Administrative Agent or any Lender to rely upon them and (b) the Borrowers hereby represent and warrant as of the Third Amendment Effective Date to the Administrative Agent and the Lenders that each Senior Notes Indenture (other than as described in clause (a) of the definition thereof), when made, met the requirements of an “Additional Note” (as described in the definition thereof) permitted under Section 6.2(p) of the Credit Agreement, was made in accordance with Section 6.2(p) of the Credit Agreement and continues to meet the requirements of an “Additional Note” (as described in the definition thereof).  Borrowers further represent and warrant that, after giving effect to this Amendment, the Credit Agreement is and shall continue to be permitted debt under each Senior Notes Indenture and the Liens securing the Obligations are, and shall continue to be, permitted liens under each Senior Notes Indenture and nothing contained herein shall cause an event of default to occur under any such Senior Notes Indenture.  

5.03General Ratifications.  The terms and provisions set forth in this Amendment shall modify and supersede all inconsistent terms and provisions set forth in the Credit Agreement and the other Credit Documents and except as expressly modified and superseded by this Amendment, the terms and provisions of the Credit Agreement (including, without limitation, the Guaranty set forth in Article X thereof) and the other Credit Documents are ratified and confirmed and shall continue in full force and effect.  The Credit Parties, the Administrative Agent and the Lenders agree that the Credit Agreement and the other Credit Documents, as amended hereby or in connection herewith, shall continue to be legal, valid, binding and enforceable in accordance with their respective terms subject as to enforcement of remedies to (x) any Debtor Relief Laws and (y) general principles of equity, whether applied by a court of law or equity.  Each Credit Party ratifies and reaffirms the Obligations (as extended hereby) are secured by the Credit Documents including, without limitation, all indebtedness and other obligations of Borrowers now or hereafter existing under the Credit Agreement.   

5.04References to Credit Agreement. Each of the Credit Agreement and the other Credit Documents, and any and all other agreements, documents or instruments now or hereafter executed and delivered pursuant to the terms hereof or pursuant to the terms of the Credit Agreement, as amended hereby, 

 

5

 

are hereby amended so that any reference in the Credit Agreement and such other Credit Documents to the Credit Agreement shall mean a reference to the Credit Agreement as amended hereby.

5.05Fees.  Borrowers shall pay to Administrative Agent a non-refundable extension fee of $325,000.00 for the pro rata benefit of each Lender based on its Revolving Commitment after giving effect to this Amendment (the “Third Amendment Extension Fee”), which Third Amendment Extension Fee shall be due and payable and fully earned on the Third Amendment Effective Date. 

5.06Costs and Expenses. Each Credit Party acknowledges that Section 9.5 of the Credit Agreement applies to this Amendment and the transactions, agreements and documents contemplated thereunder. 

5.07Severability. Any provision of this Amendment held by a court of competent jurisdiction to be invalid or unenforceable shall not impair or invalidate the remainder of this Amendment and the effect thereof shall be confined to the provision so held to be invalid or unenforceable.

5.08Successors and Assigns. This Amendment is binding upon and shall inure to the benefit of Administrative Agent, Lenders, Credit Parties and their respective successors and permitted assigns, except that Credit Parties may not assign or transfer any of their respective rights or obligations hereunder without the prior written consent of Administrative Agent and the Lenders and the Administrative Agent may only assign their rights hereunder as permitted by Section 9.6 of the Credit Agreement.

5.09Counterparts. This Amendment may be executed in one or more counterparts, each of which when so executed shall be deemed to be an original, but all of which when taken together shall constitute one and the same instrument.  Delivery of an executed counterpart of this Amendment by facsimile transmission or other electronic means shall be equally effective as delivery of a manually executed counterpart of this Amendment.

5.10Further Assurances. To the extent required by Section 5.13 of the Credit Agreement, each Credit Party agrees to execute such other and further documents and instruments as Administrative Agent may request to implement the provisions of this Amendment.

5.11Effect of Waiver. No consent or waiver, express or implied, by Administrative Agent or any Lender to or for any breach of or deviation from any covenant or condition by Borrowers shall be deemed a consent to or waiver of any other breach of the same or any other covenant, condition or duty.

5.12No Limitation on Administrative Agent. Nothing in this Amendment shall be deemed in any way to limit or restrict Administrative Agent’s or any Lender’s rights to seek in a bankruptcy court or any other court of competent jurisdiction, any relief Administrative Agent or any Lender may deem appropriate in the event that there is an Event of Default continuing pursuant to Section 7.1(e) of the Credit Agreement.

5.13Material Inducement. Each Credit Party further acknowledges and agrees that the representations, acknowledgments, agreements and warranties in this Amendment have been made by Credit Parties as a material inducement to Administrative Agent and the Lenders to into this Amendment, that Administrative Agent and the Lenders are relying on such representations and warranties, and that Administrative Agent and the Lenders would not have entered into this Amendment without such representations, acknowledgments, agreements, and warranties.

5.14Headings. The headings, captions, and arrangements used in this Amendment are for convenience only and shall not affect the interpretation of this Amendment.

 

6

 

5.15Applicable Law. Sections 9.12 and 9.13 of the Credit Agreement are hereby incorporated herein, mutatis mutandis.

5.16Full Opportunity for Review; No Undue Influence. Credit Parties have reviewed this Amendment and acknowledges and agrees that each of them (a) understands fully the terms of this Amendment and the consequences of the issuance hereof, (b) has been afforded an opportunity to have this Amendment reviewed by, and to discuss this Amendment with, such attorneys and other Persons as it may wish, and (c) has entered into this Amendment of its own free will and accord and without threat or duress. This Amendment and all information furnished to Administrative Agent and the Lenders is made and furnished in good faith, for value and valuable consideration. This Amendment has not been made or induced by any fraud, duress or undue influence exercised by Administrative Agent or Lender or any other Person.

5.17.Entire Agreement.  THE CREDIT AGREEMENT AND THE OTHER CREDIT DOCUMENTS, EACH AS AMENDED HEREBY, REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES PERTAINING TO THE SUBJECT MATTER HEREOF AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.

 

[Remainder intentionally left blank; signature pages follow]

 

 

7

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first written above.

 

BORROWER and PARENT:

ENOVA INTERNATIONAL, INC., a Delaware corporation

 

By:         /s/ David Fisher
Name:    David Fisher
Its:         Chief Executive Officer

 

[Signature Page to Third Amendment]

 

 

BORROWERS:

 

 

CNU ONLINE HOLDINGS, LLC, a Delaware limited liability company

OHIO CONSUMER FINANCIAL SOLUTIONS, LLC, a Delaware limited liability company

 

By:         /s/ David Fisher
Name:    David Fisher
Its:         Chief Executive Officer

 

 

CASHNET CSO OF MARYLAND, LLC, a Delaware limited liability company

CNU OF ALABAMA, LLC, a Delaware limited liability company

CNU OF IDAHO, LLC, a Delaware limited liability company

CNU OF KANSAS, LLC, a Delaware limited liability company

CNU OF SOUTH DAKOTA, LLC, a Delaware limited liability company

CNU OF UTAH, LLC, a Utah limited liability company

TENNESSEE CNU, LLC, a Delaware limited liability company

 

By: Headway Capital, LLC

Its: Member

 

 

By:         /s/ David Fisher
Name:  David Fisher
Its:        Chief Executive Officer

 

[Signature Page to Third Amendment]

 

CASHNETUSA OF FLORIDA, LLC, a Delaware limited liability company

CNU OF ALASKA, LLC, a Delaware limited liability company

CNU OF ARIZONA, LLC, a Delaware limited liability company

CNU OF CALIFORNIA, LLC, a Delaware limited liability company

CNU OF COLORADO, LLC, a Delaware limited liability company

CNU OF DELAWARE, LLC, a Delaware limited liability company

CNU OF FLORIDA, LLC, a Delaware limited liability company

CNU OF HAWAII, LLC, a Delaware limited liability company

CNU OF ILLINOIS, LLC, a Delaware limited liability company

CNU OF INDIANA, LLC, a Delaware limited liability company

CNU OF LOUISIANA, LLC, a Delaware limited liability company

CNU OF MAINE, LLC, a Delaware limited liability company

CNU OF MICHIGAN, LLC, a Delaware limited liability company

CNU OF MINNESOTA, LLC, a Delaware limited liability company

CNU OF MISSISSIPPI, LLC, a Delaware limited liability company

CNU OF MISSOURI, LLC, a Delaware limited liability company

CNU OF MONTANA, LLC, a Delaware limited liability company

CNU OF NEVADA, LLC, a Delaware limited liability company

CNU OF NEW HAMPSHIRE, LLC, a Delaware limited liability company

CNU OF NEW MEXICO, LLC, a Delaware limited liability company

CNU OF NORTH DAKOTA, LLC, a Delaware limited liability company

CNU OF OHIO, LLC, a Delaware limited liability company

CNU OF OKLAHOMA, LLC, a Delaware limited liability company

 

By: CNU Online Holdings, LLC

Its:  Member

 

By:         /s/ David Fisher
Name:  David Fisher
Its:        Chief Executive Officer

 

[Signature Page to Third Amendment]

 

CNU OF OREGON, LLC, a Delaware limited liability company

CNU OF RHODE ISLAND, LLC, a Delaware limited liability company 

CNU OF SOUTH CAROLINA, LLC, a Delaware limited liability company

CNU OF TENNESSEE, LLC, a Delaware limited liability company

CNU OF TEXAS, LLC, a Delaware limited liability company

CNU OF VIRGINIA, LLC, a Utah limited liability company

CNU OF WASHINGTON, LLC, a Delaware limited liability company

CNU OF WISCONSIN, LLC, a Delaware limited liability company

CNU OF WYOMING, LLC, a Delaware limited   liability company

CNU OF IOWA, LLC, a Delaware limited liability company

CNU Global-1, LLC, a Delaware limited liability company

CNU Global-2, LLC, a Delaware limited liability company

Enova SMB, LLC, a Delaware limited liability company

 

By: CNU Online Holdings, LLC

Its:  Member

 

By:         /s/ David Fisher
Name:  David Fisher
Its:        Chief Executive Officer

 

[Signature Page to Third Amendment]

 

 

CASHNETUSA CO, LLC, a Delaware limited liability company CASHNETUSA OR, LLC, a Delaware limited liability company

THE CHECK GIANT NM, LLC, a Delaware limited liability company

 

 

By:         /s/ David Fisher
Name:  David Fisher
Its:        Chief Executive Officer

 

[Signature Page to Third Amendment]

 

GUARANTORS:

 

 

BILLERS ACCEPTANCE GROUP, LLC, a Delaware limited liability company

NC FINANCIAL SOLUTIONS, LLC, a Delaware limited liability company 

NETCREDIT FINANCE, LLC, a Delaware limited liability company

CNU DOLLARSDIRECT INC., a Delaware corporation 

CNU DOLLARSDIRECT LENDING INC., a Delaware corporation

DEBIT PLUS, LLC, a Delaware limited liability company

ENOVA DECISIONS, LLC, a Delaware limited liability company

ENOVA FINANCE 2, LLC, a Delaware limited liability company

ENOVA FINANCE 3, LLC, a Delaware limited liability company

ENOVA FINANCE 4, LLC, a Delaware limited liability company

ENOVA FINANCIAL HOLDINGS, LLC, a Delaware limited liability company

ENOVA ONLINE SERVICES, INC., a Delaware corporation

HEADWAY CAPITAL LLC, a Delaware limited liability company

MOBILE LEASING GROUP, INC. a Delaware corporation

NETCREDIT LOAN SERVICES, LLC, a Delaware limited liability company

CASHEURONET UK, LLC, a Delaware limited liability company 

 

 

By:         /s/ David Fisher
Name:  David Fisher
Its:        Chief Executive Officer

[Signature Page to Third Amendment]

 

 

AEL NET MARKETING, LLC, a Delaware limited liability company

AEL NET OF MISSOURI, LLC, a Delaware limited liability company

CNU TECHNOLOGIES OF IOWA, LLC, a Delaware limited liability company

DOLLARSDIRECT, LLC, a Delaware limited liability company

ENOVA BRAZIL, LLC, a Delaware limited liability company

ENOVA INTERNATIONAL GEC, LLC, a Delaware limited liability company

EURONETCASH, LLC, a Delaware limited liability company

 

 

By:  CNU Online Holdings, LLC

Its:   Member

 

 

By:         /s/ David Fisher
Name:  David Fisher
Its:        Chief Executive Officer

 

 

THE BUSINESS BACKER, LLC, a Delaware limited liability company

 

By:  Enova, SMB, LLC

Its:  Member

 

By:  CNU Online Holdings, LLC

Its:   Member

 

 

By:         /s/ David Fisher
Name:  David Fisher
Its:        Chief Executive Officer

 

 

[Signature Page to Third Amendment]

 

 

NC FINANCIAL SOLUTIONS OF ALABAMA, LLC, a Delaware limited liability company

NC FINANCIAL SOLUTIONS OF ARIZONA, LLC, a

Delaware limited liability company

NC FINANCIAL SOLUTIONS OF CALIFORNIA, LLC, a Delaware limited liability company

NC FINANCIAL SOLUTIONS OF DELAWARE, LLC, a Delaware limited liability company

NC FINANCIAL SOLUTIONS OF FLORIDA, LLC, a

Delaware limited liability company

NC FINANCIAL SOLUTIONS OF GEORGIA, LLC, a

Delaware limited liability company

NC FINANCIAL SOLUTIONS OF IDAHO, LLC, a

Delaware limited liability company

NC FINANCIAL SOLUTIONS OF ILLINOIS, LLC, a

Delaware limited liability company

NC FINANCIAL SOLUTIONS OF INDIANA, LLC, a •

Delaware limited liability company

NC FINANCIAL SOLUTIONS OF KANSAS, LLC, a

Delaware limited liability company

NC FINANCIAL SOLUTIONS OF LOUISIANA, LLC, a Delaware limited liability company

NC FINANCIAL SOLUTIONS OF MARYLAND, LLC, a Delaware limited liability company

 

 

By:   NC Financial Solutions, LLC

Its:    Member

 

 

By:            /s/ David Fisher
Name:   David Fisher
Its:        Chief Executive Officer

 

[Signature Page to Third Amendment]

 

NC FINANCIAL SOLUTIONS OF MISSISSIPPI, LLC,  

a Delaware limited liability company

NC FINANCIAL SOLUTIONS OF MISSOURI, LLC, 

a Delaware limited liability company

NC FINANCIAL SOLUTIONS OF MONTANA, LLC, 

a Delaware limited liability company

NC FINANCIAL SOLUTIONS OF NEVADA, LLC, 

a Delaware limited liability company

NC FINANCIAL SOLUTIONS OF NEW HAMPSHIRE, LLC, 

a Delaware limited liability company

NC FINANCIAL SOLUTIONS OF NEW JERSEY, LLC, 

a Delaware limited liability company

NC FINANCIAL SOLUTIONS OF NEW MEXICO, LLC,

a Delaware limited liability company

NC FINANCIAL SOLUTIONS OF NORTH DAKOTA, LLC, 

a Delaware limited liability company

NC FINANCIAL SOLUTIONS OF OHIO, LLC, 

a Delaware limited liability company

NC FINANCIAL SOLUTIONS OF OREGON, LLC, 

a Delaware limited liability company

NC FINANCIAL SOLUTIONS OF RHODE ISLAND, LLC, 

a Delaware limited liability company

NC FINANCIAL SOLUTIONS OF SOUTH CAROLINA, LLC,

a Delaware limited liability company 

NC FINANCIAL SOLUTIONS OF SOUTH DAKOTA, LLC, 

a Delaware limited liability company

NC FINANCIAL SOLUTIONS OF TENNESSEE, LLC, 

a Delaware limited liability company

NC FINANCIAL SOLUTIONS OF TEXAS, LLC,

a Delaware limited liability company

NC FINANCIAL SOLUTIONS OF UTAH, LLC, 

a Utah limited liability company

NC FINANCIAL SOLUTIONS OF VIRGINIA, LLC, 

a Utah limited liability company

NC FINANCIAL SOLUTIONS OF WISCONSIN, LLC, 

a Delaware limited liability company

CREDITME, LLC, a Delaware limited liability company

 

 

By:   NC Financial Solutions, LLC

Its:    Member

 

 

By:         /s/ David Fisher
Name:  David Fisher
Its:        Chief Executive Officer

[Signature Page to Third Amendment]

 

DEBIT PLUS PAYMENT SOLUTIONS, LLC, a Delaware limited liability company

DEBIT PLUS SERVICES, LLC, a Delaware limited liability company

DEBIT PLUS TECHNOLOGIES, LLC, a Delaware limited liability company

 

By:  Debit Plus, LLC

Its:   Member

 

By:         /s/ David Fisher
Name:   David Fisher
Its:         Chief Executive Officer

 

[Signature Page to Third Amendment]

 

 

ADMINISTRATIVE AGENT:

TBK BANK, SSB, as Administrative Agent

 

 

By      /s/ Dan Karas                                             
Name: Dan Karas
Title:   Executive Vice President

 

[Signature Page to Third Amendment]

 

LENDER:

 

TBK BANK, SSB

 

 

By      /s/ Dan Karas                                             
Name: Dan Karas
Title:   Executive Vice President

 

 

Notice Address:

TBK Bank, SSB

3 Park Central

Suite 1700

12700 Park Central Drive

Dallas, Texas  75251

Attention:  Dan Karas

Email:  dkaras@tbkbank.com 

 

With a copy to: 

Dorsey & Whitney LLP

300 Crescent Court, Suite 400

Dallas, Texas  75201

Attention:  Larry A. Makel, Esq.

 

 

[Signature Page to Third Amendment]

 

LENDER:

 

Veritex Community Bank, as successor in interest to Green Bank, N.A.

 

 

By:      /s/ Josh Plemmons                                                 

Name:  Josh Plemmons

Title:    Vice President

 

Notice Address:

 

Veritex Community Bank

8214 Westchester Drive, Suite 800

Dallas, Texas 75225

Attn: Josh Plemmons, Vice President

[Signature Page to Third Amendment]

 

 

LENDER:

 

AXOS BANK

 

 

 

By:        /s/ James Fraser                                     

Name:  James Fraser

Title:    Executive Vice President

 

 

Notice Address:

 

Axos Bank

4350 La Jolla Village Drive, STE 140

San Diego, CA 92122

Attention: Thomas Constantine

Email:  tconstantine@axosbank.com

 

with a copy to:

 

Axos Bank

4350 La Jolla Village Drive, STE 140

San Diego, CA 92122

Attention: Eshel Bar-Adon

Email:  ebaradon@axosbank.com

 

 

[Signature Page to Third Amendment]

 

LENDER:

 

PACIFIC WESTERN BANK

 

By:      /s/ J.T. Cook, III                                                 

Name:  J.T. Cook, III

Title:    SVP, Portfolio Manager, Authorized Signatory

 

 

Notice Address:

 

Pacific Western Bank

5404 Wisconsin Avenue, 2nd Floor

Chevy Chase, MD  20815

Attention: Sue Choi

Email: schoi@pacificwesternbank.com

             jcook@capitalsource.com 

 

 

[Signature Page to Third Amendment]

 

Schedule 2.1(a)

			
	
Revolving Lender
	
Revolving Commitment
	
Revolving Commitment Percentage

	
TBK Bank, SSB
	
$35,000,000.00
	
28.0%

	
Axos Bank
	
$35,000,000.00
	
28.0%

	
Pacific Western Bank
	
$35,000,000.00
	
28.0%

	
Veritex Community Bank, as successor in interest to Green Bank, N.A.
	
$20,000,000.00
	
16.0%

	
Total
	
$125,000,000.00
	
100.00%

 

 

Exhibit A

 

Dilution Statement

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