Document:

Exhibit 10.2

Exhibit 10.2

Borrower Membership Agreement

The following terms constitute a binding agreement (the “Agreement”) between you and LendingClub
Corporation, a Delaware corporation (“LendingClub,” “we,” or “us”). BY ELECTRONICALLY SIGNING THE
AGREEMENT, YOU HAVE SIGNIFIED YOUR AGREEMENT TO THESE TERMS. Under this Agreement, you agree to
apply for one or more installment loans from our designated lender, WebBank, a Utah-chartered
industrial bank (“WBK”), through the web site lending platform at www.Lendingclub.com, including
any subdomains thereof (the “Site”), operated by us. These terms affect your rights and you should
read them carefully and print a copy for your records. Your agreement to these terms means you
agree to borrow and repay the money if any of your loans are funded, consent to our privacy policy,
agree to transact with us electronically, and agree to have any dispute with us resolved by binding
arbitration.

1. Registration as a Borrower Member. You are applying to register with us as a borrower member on
the Site. Registration as a borrower member lets you post qualifying loan requests on the Site and
obliges you to accept any resulting loans that satisfy such requests, subject to your right to
cancel your loan request before closing as set forth in section 3 below. Registration on the Site
as a borrower member is restricted to individuals who satisfy WBK’s credit policy. Under WBK’s
current credit policy as of April 2010, your Fair Isaac Corporation (“FICO”) score must be greater
than or equal to 660 and you must meet other credit criteria in order for you to be eligible to
apply for any loan. If for any reason you do not qualify or you later cease to qualify for a loan
from WBK, if, for example, your FICO score from any consumer reporting agency falls below 660, we
or WBK may terminate your loan request and deny your ability to make additional loan requests. Even
if your FICO score is higher than 660, we or WBK may nevertheless terminate your registration or
loan request based on WBK’s other credit criteria such as debt-to-income ratio or other information
in your credit report.

2. Account Verification. You authorize us to initiate a debit entry to your bank account in an
amount of $0.01 to $0.99 for account verification purposes through the ACH network. We will reverse
this debit following verification and no funds will be removed from your account. You understand
that if we are unable to verify your bank account for any reason, we will cancel your application
and your loan request will not be posted on the Site.

3. Loan Requests. To the extent you become and remain a registered borrower member, you may post a
qualifying loan request on the Site in the amount of $1,000 to $25,000. You may not post more than
one loan request on the site at a time and you may not have more than two loans outstanding at any
given time. Your loan request must include all information required by us and WBK. Any qualifying
loan requests you post may remain as an active listing on the Site for up to 14 days. [THE
FOLLOWING IS ONLY APPLICABLE TO LOAN REQUESTS LISTED ON OR AFTER
 _____: If in accordance
with your agreement with WBK, your loan request attracts funding offers equal to or greater than
60% of your listed loan request (and this amount is greater than or equal to the minimum qualifying
principal amount) then your loan will close and issue unless you notify us in writing of your
election to terminate your loan request
sufficiently far in advance of loan closing for us to direct WBK to cancel the loan and for WBK to
cancel the transfer of the loan proceeds to your designated account. The closing of a loan with
aggregate funding commitments of less than 60% of your listed loan request is subject to your
approval.] If your loan request was listed prior to the above date, issuance of a partially funded
loan is subject to your approval. Funding of your loan request may be available before the
expiration of the 14-day period set forth above but in no event shall we be obligated to notify you
of the date upon which your loan may or will fund. Funding of any loans you receive will proceed as
described in your Loan Agreement with WBK.

 

 

 

4. Limited Power of Attorney. As a condition to registering as a borrower member on the Site, you
hereby grant us a limited power of attorney and appoint us and/or our designees as your true and
lawful attorney-in-fact and agent, with full power of substitution and re-substitution, for you and
in your name, place and stead, in any and all capacities, to: (1) complete and execute a 4506-T
‘Request for Transcript of Tax Return’ form from the Internal Revenue Service; and (2) complete and
execute one or more promissory notes in the form appended to your Loan Agreement with WBK (each, a
“Note”) representing in the aggregate the total principal amount you accept, and the terms, of each
loan made to you by WBK in accordance with the estimated disclosures made to you about such loan
(see the disclosures at http://www.lendingclub.com/account/truthInLending.action), with the
full power and authority to do and perform each and every act and thing requisite and necessary to
be done in connection with such power as fully to all intents and purposes as you might or could do
in person (“Power of Attorney”). You agree and acknowledge that the initial loan disclosures made
to you are estimates (other than APR) and may be as much as 40% less than the initially requested
amounts. This Power of Attorney is limited solely to the purpose described above and will expire
automatically upon the earlier of (i) the execution of the Notes by us on your behalf or (ii) the
termination or expiration of your loan request posted on the Site. You may revoke the Power of
Attorney at any time before the funds representing your loan proceeds are transferred to your
designated account and the Notes are executed on your behalf by contacting us in accordance with
section 7, Communications. Once the Notes have been signed by LendingClub acting as your
attorney-in-fact, however, they are deemed executed on your behalf and the executed Notes shall be
your valid and binding obligations thereafter. If you choose to revoke the Power of Attorney prior
to execution of Notes, we will be unable to proceed with processing your loan request and your
pending loan requests will be considered withdrawn, and your registration as a borrower member on
the Site will be terminated. In such event, we will remove any loan requests you have posted on the
Site and you may be prohibited from posting additional qualifying loan requests in the future in
our discretion.

5. Origination Fee. If your loan request results in an issued loan, you must pay us a
non-refundable origination fee. The amount of the estimated fee is stated in the disclosures
provided to you (see the disclosures at
http://www.lendingclub.com/account/truthInLending.action). This amount will decline if
your loan is not 100% funded. Notwithstanding the foregoing, no amount of the finally determined
fee is refundable. This fee will be deducted from your loan proceeds, so the loan proceeds
delivered to you will be less than the full amount of your issued loan. You acknowledge that the
origination fee will be considered part of the principal on your loan and is subject to the accrual
of interest.

 

 

 

6. Loan Servicing; Check Processing Fee. You acknowledge and agree that LendingClub shall serve as
the loan servicer for any and all loans you receive but that LendingClub may delegate servicing to
another entity. LendingClub will maintain all Notes representing your loans in electronic form and
shall make all such Notes available to you for review on the Site. As loan servicer, LendingClub
will administer and collect on your loans. You may elect to make payments by personal check by
contacting support@lendingclub.com or by regular mail at LendingClub Corporation, 370
Convention Way, Redwood City, California 94063, Attention: Loan Processing Department. If you elect
to make payments by check, you acknowledge and agree that there will be a $15 check processing fee
per payment, subject to applicable law. If you elect to make payments by check, you must send the
check either (i) by regular mail to Lending Club Corporation, Dept #34268, P.O. Box 39000, San
Francisco, CA 94139, or (ii) by overnight mail or UPS delivery to Wells Fargo Lock Box Services,
Dept #34268, 3440 Walnut Ave, Window H, Fremont, CA 94538.

7. Communications. You agree not to communicate with the investors who purchase Member Payment
Dependent Notes (“MPDNs”) corresponding to your loans except anonymously and publicly through
posting on the Site. For a detailed description of the MPDNs, please refer to the Prospectus
available at [link to Prospectus]. Subject to section 18, you will send any inquiries, requests for
deferment or forbearance, or other communications regarding your loans by email to
support@lendingclub.com or by regular mail to LendingClub Corporation, 370 Convention Way, Redwood
City, California 94063, Attention: Loan Processing Department.

8. Other Borrower Obligations. You agree that you will not, in connection with your loan request:
(i) make any false, misleading or deceptive statements or omissions of fact in your listing,
including but not limited to in the loan title, or in your loan description; (ii) misrepresent your
identity, or describe, present or portray yourself as a person other than yourself; (iii) give to
or receive from, or offer or agree to give to or receive from any LendingClub member or other
person any fee, bonus, additional interest, kickback or thing of value of any kind except in
accordance with the terms of your loan; (iv) represent yourself to any person, as a representative,
employee, or agent of ours, or purport to speak to any person on our behalf; or (v) provide, in
your loan request or in communications on the Site related to your loan request, information upon
which a discriminatory lending decision may be made, such as your race, color, religion, national
origin, sex, or age. You acknowledge and agree that we may rely without independent verification on
the accuracy, authenticity, and completeness of all information you provide to us.

9. Verification. We reserve the right to verify the accuracy of all information you provide and to
terminate this Agreement and remove your loan request in case of any inaccuracy or omission in your
loan request or your application, or any other violation of this Agreement. We reserve the right to
verify any information you submit through the production of appropriate documentation, and also
reserve the right to conduct such verification through a third party. You hereby authorize us to
request and obtain data from a third party to verify any information you provide us in connection
with your registration as a borrower member on the Site.

10. NO GUARANTEE. WE DO NOT WARRANT OR GUARANTEE (1) THAT YOUR REQUEST WILL BE FUNDED, OR (2) THAT
YOU WILL RECEIVE A LOAN AS A RESULT OF POSTING A REQUEST.

 

 

 

11. Restrictions on Use of Proceeds; Bank Account. You are not authorized or permitted to use the
Site to obtain, or attempt to obtain, a loan for someone other than yourself. You are not
authorized or permitted to use the Site to obtain, or attempt to obtain, a loan to fund any illegal
activity. You must be the owner of the deposit account you designate for electronic transfers of
funds and have authority to direct that loan payments be made to us from such account. Your
designated account will be the account into which loan proceeds will be deposited and from which
loan payments will be made.

12. Termination of Registration. We may terminate this Agreement and your status as a borrower
member at any time if you committed fraud or made a misrepresentation in connection with your
registration on the Site or any application or request for a loan, performed any prohibited
activity, or otherwise failed to abide by the terms of this Agreement. In such event, we will have
all remedies authorized or permitted by this Agreement and applicable law. We may, in our sole
discretion, with or without cause and with or without notice, restrict your access to the Site.

13. DISCLAIMERS AND LIMITATION ON LIABILITY. THIS AGREEMENT IS FULLY SUBJECT TO ALL DISCLAIMERS AND
LIMITATIONS ON LIABILITY SET FORTH IN THE TERMS OF USE.

14. Entire Agreement. This Agreement represents the entire agreement between you and us regarding
the subject matter of the Agreement and supersedes all prior or contemporaneous communications,
promises and proposals, whether oral, written or electronic, between us with respect to your
registration as a borrower member and your loan request.

15. Consent to Electronic Transactions and Disclosures. THIS AGREEMENT IS FULLY SUBJECT TO YOUR
CONSENT TO ELECTRONIC TRANSACTIONS AND DISCLOSURES, WHICH CONSENT IS SET FORTH IN THE TERMS OF USE.

16. Notices. You agree that we can send you any and all notices and other communications related to
this Agreement, any loan requests you post or your status as a borrower member by sending an email
to your registered email address or posting the notice or communication on the Site, and notice or
communication shall be deemed to have been duly given and effective when we send it or post it on
the Site. You acknowledge that you have sole access to the registered email account and your area
on the Site and that communications from us may contain sensitive, confidential, and
collections-related communications. If your registered email address changes, you must notify us
immediately of the change by sending an email to support@Lendingclub.com or calling 866-754-4094.
You also agree to update promptly your registered residence address and telephone number on the
Site if they change.

17. Miscellaneous. The parties acknowledge that there are no third party beneficiaries to this
Agreement. You may not assign, transfer, sublicense or otherwise delegate your rights or
obligations under this Agreement to another person without our prior written consent. Any such
assignment, transfer, sublicense or delegation in violation of this section 17 shall be null and
void. This Agreement shall be governed by the laws of the State of Delaware without regard to any
principle of conflict of laws that would require or permit the application of the laws of any
other jurisdiction. Any waiver of a breach of any provision of this Agreement will not be a waiver
of any other subsequent breach. Failure or delay by either party to enforce any term or condition
of this Agreement will not constitute a waiver of such term or condition. If at any time after the
date of this Agreement, any of the provisions of this Agreement shall be held by any court of
competent jurisdiction to be illegal, void or unenforceable, such provision shall be of no force
and effect, but the illegality and unenforceability of such provision shall have no effect upon and
shall not impair the enforceability of any other provisions of this Agreement. The headings in this
Agreement are for reference purposes only and shall not affect the interpretation of this Agreement
in any way.

 

 

 

18. Arbitration.

a. Either party to this Agreement, or WBK, may, at its sole election, require that the sole and
exclusive forum and remedy for resolution of a Claim be final and binding arbitration pursuant to
this section 18 (the “Arbitration Provision”), unless you opt out as provided in section 18(b)
below. As used in this Arbitration Provision, “Claim” shall include any past, present, or future
claim, dispute, or controversy involving you (or persons claiming through or connected with you),
on the one hand, and us and/or WBK (or persons claiming through or connected with us and/or WBK),
on the other hand, relating to or arising out of this Agreement, any Note, the Site, and/or the
activities or relationships that involve, lead to, or result from any of the foregoing, including
(except to the extent provided otherwise in the last sentence of section 18(f) below) the validity
or enforceability of this Arbitration Provision, any part thereof, or the entire Agreement. Claims
are subject to arbitration regardless of whether they arise from contract; tort (intentional or
otherwise); a constitution, statute, common law, or principles of equity; or otherwise. Claims
include matters arising as initial claims, counter-claims, cross-claims, third-party claims, or
otherwise. The scope of this Arbitration Provision is to be given the broadest possible
interpretation that is enforceable.

b. You may opt out of this Arbitration Provision for all purposes by sending an arbitration opt out
notice to LendingClub Corporation, 370 Convention Way, Redwood City, California 94063, Attention:
Loan Processing Department, which is received at the specified address within 30 days of the date
of your electronic acceptance of the terms of this Agreement. The opt out notice must clearly state
that you are rejecting arbitration; identify the Agreement to which it applies by date; provide
your name, address, and social security number; and be signed by you. You may send the opt out
notice in any manner you see fit as long as it is received at the specified address within the
specified time. No other methods can be used to opt out of this Arbitration Provision. If the opt
out notice is sent on your behalf by a third party, such third party must include evidence of his
or her authority to submit the opt out notice on your behalf.

c. The party initiating arbitration shall do so with the American Arbitration Association (the
“AAA”) or JAMS. The arbitration shall be conducted according to, and the location of the
arbitration shall be determined in accordance with, the rules and policies of the administrator
selected, except to the extent the rules conflict with this Arbitration Provision or any
countervailing law. In the case of a conflict between the rules and policies of the administrator
and this Arbitration Provision, this Arbitration Provision shall control, subject to countervailing
law, unless all parties to the arbitration consent to have the rules and policies of the
administrator apply.

 

 

 

d. If we (or WBK) elect arbitration, we (or WBK, as the case may be) shall pay all the
administrator’s filing costs and administrative fees (other than hearing fees). lf you elect
arbitration, filing costs and administrative fees (other than hearing fees) shall be paid in
accordance with the rules of the administrator selected, or in accordance with countervailing law
if contrary to the administrator’s rules. We (or WBK, as the case may be) shall pay the
administrator’s hearing fees for one full day of arbitration hearings. Fees for hearings that
exceed one day will be paid by the party requesting the hearing, unless the administrator’s rules
or applicable law require otherwise, or you request that we (or WBK) pay them and we agree (or WBK
agrees) to do so. Each party shall bear the expense of its own attorneys’ fees, except as otherwise
provided by law. If a statute gives you the right to recover any of these fees, these statutory
rights shall apply in the arbitration notwithstanding anything to the contrary herein.

e. Within 30 days of a final award by the arbitrator, any party may appeal the award for
reconsideration by a three-arbitrator panel selected according to the rules of the arbitrator
administrator. In the event of such an appeal, any opposing party may cross-appeal within 30 days
after notice of the appeal. The panel will reconsider de novo all aspects of the initial award that
are appealed. Costs and conduct of any appeal shall be governed by this Arbitration Provision and
the administrator’s rules, in the same way as the initial arbitration proceeding. Any award by the
individual arbitrator that is not subject to appeal, and any panel award on appeal, shall be final
and binding, except for any appeal right under the Federal Arbitration Act (“FAA”), and may be
entered as a judgment in any court of competent jurisdiction.

f. We agree not to invoke our right to arbitrate an individual Claim you may bring in Small Claims
Court or an equivalent court, if any, so long as the Claim is pending only in that court. NO
ARBITRATION SHALL PROCEED ON A CLASS, REPRESENTATIVE, OR COLLECTIVE BASIS (INCLUDING AS PRIVATE
ATTORNEY GENERAL ON BEHALF OF OTHERS), EVEN IF THE CLAIM OR CLAIMS THAT ARE THE SUBJECT OF THE
ARBITRATION HAD PREVIOUSLY BEEN ASSERTED (OR COULD HAVE BEEN ASSERTED) IN A COURT AS CLASS
REPRESENTATIVE, OR COLLECTIVE ACTIONS IN A COURT. Unless consented to in writing by all parties to
the arbitration, no party to the arbitration may join, consolidate, or otherwise bring claims for
or on behalf of two or more individuals or unrelated corporate entities in the same arbitration
unless those persons are parties to a single transaction. Unless consented to in writing by all
parties to the arbitration, an award in arbitration shall determine the rights and obligations of
the named parties only, and only with respect to the claims in arbitration, and shall not (a)
determine the rights, obligations, or interests of anyone other than a named party, or resolve any
Claim of anyone other than a named party; nor (b) make an award for the benefit of, or against,
anyone other than a named party. No administrator or arbitrator shall have the power or authority
to waive, modify, or fail to enforce this section 18(f), and any attempt to do so, whether by rule,
policy, arbitration decision or otherwise, shall be invalid and unenforceable. Any challenge to the
validity of this section 18(f) shall be determined exclusively by a court and not by the
administrator or any arbitrator.

 

 

 

g. This Arbitration Provision is made pursuant to a transaction involving interstate commerce and
shall be governed by and enforceable under the FAA. The arbitrator will apply substantive law
consistent with the FAA and applicable statutes of limitations. The arbitrator may award damages or
other types of relief permitted by applicable substantive law, subject to the limitations set forth
in this Arbitration Provision. The arbitrator will not be bound by judicial rules of procedure and
evidence that would apply in a court. The arbitrator shall take steps to reasonably protect
confidential information.

h. This Arbitration Provision shall survive (i) suspension, termination, revocation, closure, or
amendments to this Agreement and the relationship of the parties and/or WBK; (ii) the bankruptcy or
insolvency of any party or other person; and (iii) any transfer of any loan or Note or any other
promissory note(s) which you owe, or any amounts owed on such loans or notes, to any other person
or entity. If any portion of this Arbitration Provision other than section 18(f) is deemed invalid
or unenforceable, the remaining portions of this Arbitration Provision shall nevertheless remain
valid and in force. If an arbitration is brought on a class, representative, or collective basis,
and the limitations on such proceedings in section 18(f) are finally adjudicated pursuant to the
last sentence of section 18(f) to be unenforceable, then no arbitration shall be had. In no event
shall any invalidation be deemed to authorize an arbitrator to determine Claims or make awards
beyond those authorized in this Arbitration Provision.

THE PARTIES ACKNOWLEDGE THAT THEY HAVE A RIGHT TO LITIGATE CLAIMS THROUGH A COURT BEFORE A JUDGE OR
JURY, BUT WILL NOT HAVE THAT RIGHT IF ANY PARTY ELECTS ARBITRATION PURSUANT TO THIS ARBITRATION
PROVISION. THE PARTIES HEREBY KNOWINGLY AND VOLUNTARILY WAIVE THEIR RIGHTS TO LITIGATE SUCH CLAIMS
IN A COURT BEFORE A JUDGE OR JURY UPON ELECTION OF ARBITRATION BY ANY PARTY.Exhibit 10.5

Exhibit 10.5

FIRST AMENDMENT TO AMENDED AND RESTATED 

LOAN AND SECURITY AGREEMENT

THIS FIRST AMENDMENT TO AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT (this “Agreement”) is
entered into this 15th day of April, 2010, by and among GOLD HILL VENTURE LENDING 03, LP
(as modified from time to time, “Lenders”), GOLD HILL VENTURE LENDING 03, LP (“Gold Hill”) in its
capacity as Administrative Agent on behalf of the Lenders, SILICON VALLEY BANK (“SVB”), in its
capacity as Collection Agent on behalf of the Lenders, and LENDINGCLUB CORPORATION, a Delaware
corporation (“Borrower”).

Recitals

A. Administrative Agent, Collection Agent, Lenders and Borrower have entered into that certain
Amended and Restated Loan and Security Agreement dated as of July 23, 2009 (as may from time to
time be amended, modified, supplemented or restated, the “Loan Agreement”).

B. Lenders have extended credit to Borrower for the purposes permitted in the Loan Agreement.

C. Borrower is currently in default of the Loan Agreement for failing to comply with the
Minimum Collateral Value Ratio set forth in Section 6.8(b) for the calendar quarter ended December
31, 2009 (the “Existing Event of Default”).

D. Borrower has requested that the Administrative Agent waive the Existing Event of Default
and consent to a Lien (the “Wells Fargo Lien”) on a portion of the Clearing Account not to exceed
One Million Five Hundred Thousand Dollars ($1,500,000) in favor of Wells Fargo Bank, National
Association.

E. Administrative Agent has agreed to waive the Existing Event of Default and consent to the
Wells Fargo Lien, on the condition, among others, that Borrower enter into this Agreement, but only
to the extent, in accordance with the terms, subject to the conditions and in reliance upon the
representations and warranties set forth below.

Agreement

Now, Therefore, in consideration of the foregoing recitals and other good and
valuable consideration, the receipt and adequacy of which is hereby acknowledged, and intending to
be legally bound, the parties hereto agree as follows:

1. Definitions. Capitalized terms used but not defined in this Agreement shall have the
meanings given to them in the Loan Agreement.

 

 

 

2. Grant of Security Interest. Borrower hereby grants to Administrative Agent, for the
ratable benefit of the Lenders, and to each Lender, to secure the payment and performance in full
of all of the Obligations, a continuing security interest in, and pledges to Administrative Agent,
for the ratable benefit of the Lenders, and to each Lender, the Clearing Account subject to the existing rights of (i) the Investors to “Investor Collateral” (as such term is defined in
the Intercreditor Agreement), (ii) Infinity Resources, LLC to the extent set forth in those certain
Declarations of Trust between Borrower and Infinity Resources, LLC dated April 14, 2010 and July
31, 2009 provided that such Declarations of Trust shall not be amended without the prior written
consent of Administrative Agent, and (iii) only to the extent of Borrower’s ownership interest in
the Clearing Account. From and after the date of this Agreement, all references in the Loan
Agreement to “Collateral” shall be deemed to include the Clearing Account. Borrower hereby
authorizes Administrative Agent to file a UCC financing statement amendment (the “UCC Amendment”)
with all appropriate jurisdictions to perfect or protect such interest or rights on the Collateral.

3. Consent. Subject to the terms of Section 9 below, Administrative Agent hereby consents to
the Wells Fargo Lien and agrees that the Wells Fargo Lien securing an amount not to exceed One
Million Five Hundred Thousand Dollars ($1,500,000) shall be considered a “Permitted Lien” and shall
not, in and of itself, constitute an “Event of Default” under Section 7.5 of the Loan Agreement.

4. Waiver of Existing Event of Default. Administrative Agent hereby waives the Existing Event
of Default. Administrative Agent’s agreement to waive the Existing Event of Default shall in no
way obligate Administrative Agent to make any other modifications to the Loan Agreement or to waive
Borrower’s compliance with any other terms of the Loan Documents, and shall not limit or impair
Administrative Agent’s right to demand strict performance of all other terms and covenants as of
any date. The waiver set forth above shall not be deemed or otherwise construed to constitute a
waiver of any other provisions of the Loan Agreement in connection with any other transaction.

5. Amendments to Loan Agreement.

5.1 Section 5.2 (Collateral). Section 5.2 of the Loan Agreement is amended by deleting the
third paragraph thereof in its entirety and replacing it with the following:

Administrative Agent, Lenders and Borrower hereby acknowledge and agree that,
notwithstanding anything set forth to the contrary herein, the first priority security
interest granted by Borrower to Administrative Agent and Lenders pursuant to the Loan
Agreement shall at all times remain in full force and effect with respect to all proceeds
of, and any other amounts received in connection with, all Financed Loans regardless of the
locations of such proceeds and amounts.

5.2 Section 6.5 (Operating Accounts). Section 6.5(a) of the Loan Agreement is amended by
deleting the second sentence thereof in its entirety and replacing it with the following:

All collections on Borrower Member Loans shall be managed through the Clearing Account,
which Clearing Account shall be free of any Liens except for a Lien in favor of Wells Fargo
subject to the terms of the Wells Fargo Intercreditor Agreement and Liens in favor of SVB
and Lenders.

 

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5.3 Section 10 (Notices). Section 10 of the Loan Agreement is amended by deleting the address
for Borrower and replacing it with the following:

	 	 	 	 	 
	 

	 	If to Borrower:
	 	LendingClub Corporation
	 

	 	 	 	370 Convention Way
	 

	 	 	 	Redwood City, California 94063
	 

	 	 	 	Attn: Renaud Laplanche, Chief Executive Officer
	 

	 	 	 	Fax: (800) 929-5097
	 

	 	 	 	Email:
rlaplanche@lendingclub.com

5.4 Section 13.1 (Definitions).

(a) Section 13.1 of the Loan Agreement is amended by deleting the following terms and their
respective definitions and replacing them with the following:

“Clearing Account” is Borrower’s account number 9789827707, maintained with Wells
Fargo.

“Collateral Account” is any Deposit Account, Securities Account, or Commodity Account,
but shall not include the Trust Account, the Borrower Account, or the Investor Account.

“Loan Documents” are, collectively, this Agreement, the Warrants, the Perfection
Certificate, the Intercreditor Agreement, the Wells Fargo Intercreditor Agreement, any
pledge agreements with respect to Pledged CDs, any note, or notes or guaranties executed by
Borrower, and any other present or future agreement between Borrower and/or for the benefit
of Lenders and/or Agents in connection with this Agreement, all as amended, restated, or
otherwise modified.

“Minimum Collateral Value Ratio” means as of the date of measurement, the ratio of (a)
the sum of (i) the Value of the Pledged CDs plus (ii) the outstanding principal balance of
Financed Loans and Pledged Investor Loans that meet all of the representations and
warranties in Section 5.3 hereof, plus (iii) Available Cash, divided by (b) the outstanding
Obligations.

(b) Section 13.1 of the Loan Agreement is further amended by deleting the definition of “Net
Cash” in its entirety.

(c) Section 13.1 of the Loan Agreement is further amended by deleting clause (m) of the
definition of “Permitted Liens” in its entirety and replacing it with the following:

(m) Liens on, and limited to, (i) the Secured Member Payment Dependent Note Collateral
in favor of Wells Fargo, as Collateral Trustee, for the benefit of the Lender Members
holding Secured Member Payment Dependent Notes, and (ii) up to One Million Five Hundred
Thousand Dollars ($1,500,000) of the funds in the Clearing Account in favor of Wells Fargo
subject to the terms of the Wells Fargo Intercreditor Agreement.

 

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(d) Section 13.1 of the Loan Agreement is further amended by adding the following terms and
definitions:

“Wells Fargo” means Wells Fargo Bank, National Association, its successors and assigns.

“Wells Fargo Intercreditor Agreement” means that certain Intercreditor Agreement dated
April 15, 2010 by and among Wells Fargo Bank, SVB and Lenders.

5.5 Exhibit B (Collateral Description). Exhibit B of the Loan Agreement is replaced
in its entirety with Exhibit B attached hereto. From and after the date of this Agreement,
all references in the Loan Agreement to Exhibit B shall be deemed to refer to Exhibit
B attached hereto.

5.6 Exhibit E (Compliance Certificate). Exhibit E of the Loan Agreement is replaced
in its entirety with Exhibit E attached hereto. From and after the date of this Agreement,
all references in the Loan Agreement to the Compliance Certificate shall be deemed to refer to
Exhibit E attached hereto.

6. Limitation of Amendment.

6.1 This Agreement is effective for the purposes set forth herein and shall be limited
precisely as written and shall not be deemed to (a) be a consent to any amendment, waiver or
modification of any other term or condition of any Loan Document, or (b) otherwise prejudice any
right or remedy which Administrative Agent may now have or may have in the future under or in
connection with any Loan Document.

6.2 This Agreement shall be construed in connection with and as part of the Loan Documents and
all terms, conditions, representations, warranties, covenants and agreements set forth in the Loan
Documents are hereby ratified and confirmed and shall remain in full force and effect.

7. Representations and Warranties. To induce Administrative Agent, Collection Agent, and
Lenders to enter into this Agreement, Borrower hereby represents and warrants to Administrative
Agent, Collection Agent, and Lenders as follows:

7.1 Immediately after giving effect to this Agreement (a) the representations and warranties
contained in the Loan Documents are true, accurate and complete in all material respects as of the
date hereof (except to the extent such representations and warranties relate to an earlier date, in
which case they are true and correct as of such date and except with respect to the representations
and warranties set forth in Section 5.3(c) of the Loan Documents as set forth in Borrower’s account
summary dated February 28, 2010 and delivered to Administrative Agent prior to the date hereof),
and (b) no Event of Default has occurred and is continuing;

7.2 Borrower has the power and authority to execute and deliver this Agreement and to perform
its obligations under the Loan Agreement;

 

4

 

7.3 Borrower has previously delivered its organizational documents to Administrative Agent,
which remain true, accurate and complete and have not been amended, supplemented or restated since
their delivery and are and continue to be in full force and effect;

7.4 The execution and delivery by Borrower of this Agreement and the performance by Borrower
of its obligations under the Loan Agreement have been duly authorized by all necessary action on
the part of Borrower;

7.5 The execution and delivery by Borrower of this Agreement and the performance by Borrower
of its obligations under the Loan Agreement do not and will not contravene (a) any law or
regulation binding on or affecting Borrower, (b) any contractual restriction with a Person binding
on Borrower, (c) any order, judgment or decree of any court or other governmental or public body or
authority, or subdivision thereof, binding on Borrower, or (d) the organizational documents of
Borrower;

7.6 The execution and delivery by Borrower of this Agreement and the performance by Borrower
of its obligations under the Loan Agreement do not require any order, consent, approval, license,
authorization or validation of, or filing, recording or registration with, or exemption by any
governmental or public body or authority, or subdivision thereof, binding on Borrower, except as
already has been obtained or made; and

7.7 This Agreement has been duly executed and delivered by Borrower and is the binding
obligation of Borrower, enforceable against Borrower in accordance with its terms, except as such
enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or
other similar laws of general application and equitable principles relating to or affecting
creditors’ rights.

8. Counterparts. This Agreement may be executed in any number of counterparts and all of such
counterparts taken together shall be deemed to constitute one and the same instrument.

9. Effectiveness. This Agreement shall be deemed effective upon the following conditions: (a)
the due execution and delivery to Administrative Agent of this Agreement by each party hereto, (b)
the due execution and delivery to Administrative Agent of the Intercreditor Agreement in the form
attached hereto as Schedule 1 by each party thereto, (c) the due execution and delivery to
Administrative Agent of the Deposit Account Control Agreement in the form attached hereto as
Schedule 2 by each party thereto, (d) Administrative Agent’s filing of a UCC Amendment, and
(e) payment of Administrative Agent’s legal fees and expenses in connection with the negotiation
and preparation of this Agreement.

[Signature page follows.]

 

5

 

In Witness Whereof, the parties hereto have caused this Agreement to be duly executed
and delivered as of the date first written above.

LENDERS:

	 	 	 	 	 	 	 	 	 
	GOLD HILL VENTURE LENDING 03, LP	 	 
	By:	 	Gold Hill Venture Lending Partners 03, LLC	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Rob Helm	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	Title:
	 	 

	 	 
	 

	 	 	 	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 
	ADMINISTRATIVE AGENT:	 	 
	 
	 	 	 	 	 	 	 	 
	GOLD HILL VENTURE LENDING 03, LP	 	 
	By:	 	Gold Hill Venture Lending Partners 03, LLC	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Rob Helm	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	Title:
	 	 

	 	 
	 

	 	 	 	 	 	 

	 	 

	 	 	 	 	 	 	 
	COLLECTION AGENT:	 	 
	 
	 	 	 	 	 	 
	SILICON VALLEY BANK	 	 
	 
	 	 	 	 	 	 
	By:	 	/s/ Vera Shokina	 	 
	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	BORROWER:	 	 
	 
	 	 	 	 	 	 
	LENDINGCLUB CORPORATION	 	 
	 
	 	 	 	 	 	 
	By:	 	/s/ Renaud Laplanche	 	 
	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 

 

 

 

Exhibit B

Collateral

The Collateral consists of all of Borrower’s right, title and interest in and to the following
personal property:

All goods, Accounts (including health-care receivables), Equipment, Inventory, contract
rights, including without limitation, rights under the Portfolio Financial Servicing Company
Contract, or rights to payment of money, leases, license agreements, franchise agreements, General
Intangibles (except as provided below), commercial tort claims, documents, instruments (including
any promissory notes), chattel paper (whether tangible or electronic), cash, deposit accounts, all
Pledged CDs, fixtures, letters of credit rights (whether or not the letter of credit is evidenced
by a writing), securities, and all other investment property, supporting obligations, and financial
assets, whether now owned or hereafter acquired, wherever located; and

All Borrower’s Books relating to the foregoing and any and all claims, rights and interests in
any of the above and all substitutions for, additions, attachments, accessories, accessions and
improvements to and replacements, products, proceeds and insurance proceeds of any or all of the
foregoing.

Notwithstanding the foregoing, the Collateral does not include any of the following, whether
now owned or hereafter acquired: any copyright rights, copyright applications, copyright
registrations and like protections in each work of authorship and derivative work, whether
published or unpublished, any patents, patent applications and like protections, including
improvements, divisions, continuations, renewals, reissues, extensions, and continuations-in-part
of the same, trademarks, service marks and, to the extent permitted under applicable law, any
applications therefor, whether registered or not, and the goodwill of the business of Borrower
connected with and symbolized thereby, know-how, operating manuals, trade secret rights, rights to
unpatented inventions, and any claims for damage by way of any past, present, or future
infringement of any of the foregoing; provided, however, the Collateral shall include all Accounts,
license and royalty fees and other revenues, proceeds, or income arising out of or relating to any
of the foregoing.

Borrower has agreed not to encumber any of its copyright rights, copyright applications,
copyright registrations and like protections in each work of authorship and derivative work,
whether published or unpublished, any patents, patent applications and like protections, including
improvements, divisions, continuations, renewals, reissues, extensions, and continuations-in-part
of the same, trademarks, service marks and, to the extent permitted under applicable law, any
applications therefor, whether registered or not, and the goodwill of the business of Borrower
connected with and symbolized thereby, know-how, operating manuals, trade secret rights, rights to
unpatented inventions, and any claims for damage by way of any past, present, or future
infringement of any of the foregoing, without Administrative Agent’s prior written consent.

 

 

 

In addition, notwithstanding the foregoing, the Collateral does not include (a) any Borrower
Member Note, (b) the Trust Account, (c) the Borrower Account, (d) any Borrower Securities, (e) any Secured Member Payment Dependent Note Collateral or (f) proceeds of any of
the foregoing items (a), (b), (c), (d), or (e) except to the extent that they are proceeds of
Financed Loans or otherwise deposited in a Collateral Account (which amounts shall at all times be
part of the Collateral).

 

2

 

EXHIBIT E

COMPLIANCE CERTIFICATE

Reporting Period Ending _____________

	 	 	 	 	 	 	 
	TO:

	 	GOLD HILL VENTURE LENDING 03, LP
	 	Date:	 	 
	 

	 	 	 	 	 	 
	FROM:

	 	LENDINGCLUB CORPORATION	 	 	 	 

The undersigned authorized officer of LENDINGCLUB CORPORATION (“Borrower”) certifies that
under the terms and conditions of the Amended and Restated Loan and Security Agreement among
Borrower, Lenders, Administrative Agent and Collection Agent (the “Agreement”), (1) Borrower is in
complete compliance for the period ending as of the date above with all required covenants except
as noted below, (2) there are no Events of Default, (3) all representations and warranties in the
Agreement are true and correct in all material respects on this date except as noted below;
provided, however, that such materiality qualifier shall not be applicable to any representations
and warranties that already are qualified or modified by materiality in the text thereof; and
provided, further that those representations and warranties expressly referring to a specific date
shall be true, accurate and complete in all material respects as of such date, (4) Borrower, and
each of its Subsidiaries, has timely filed all required tax returns and reports, and Borrower has
timely paid all foreign, federal, state and local taxes, assessments, deposits and contributions
owed by Borrower except as otherwise permitted pursuant to the terms of Section 5.9 of the
Agreement, and (5) no Liens have been levied or claims made against Borrower relating to unpaid
employee payroll or benefits of which Borrower has not previously provided written notification to
Administrative Agent. Attached are the required documents supporting the certification. The
undersigned certifies that these are prepared in accordance with GAAP consistently applied from one
period to the next except as explained in an accompanying letter or footnotes. The undersigned
acknowledges that no borrowings may be requested at any time or date of determination that Borrower
is not in compliance with any of the terms of the Agreement, and that compliance is determined not
just at the date this certificate is delivered. Capitalized terms used but not otherwise defined
herein shall have the meanings given them in the Agreement.

Please indicate compliance status by circling Yes/No under “Complies” column.

	 	 	 	 	 
	Reporting Covenant	 	Required	 	Complies
	Monthly financial statements with Compliance Certificate

	 	Monthly within 30 days
	 	Yes No
	Annual financial statement (CPA Audited) + CC

	 	FYE within 180 days
	 	Yes No
	10-Q, 10-K and 8-K

	 	Within 5 days after filing with SEC
	 	Yes No
	Annual financial projections

	 	FYE within 30 days
	 	Yes No
	BSA/AML internal and independent testing reports

	 	Time to time as requested by Administrative Agent in its
reasonable discretion
	 	Yes No

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Financial Covenant	 	Required	 	 	Actual	 	 	Complies	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Maintain on a Quarterly Basis per Section 6.8(b) (or monthly if requested by
Lenders):
	 	 	 	 	 	 	 	 	 	 	 	 
	Minimum Collateral Value Ratio
	 	 	1:05:1.0	 	 	 	____:1.0	 	 	Yes  No

 

3

 

The following financial covenant analysis and information set forth in Schedule 1 attached
hereto are true and accurate as of the date of this Certificate.

The following are the exceptions with respect to the certification above: (If no exceptions
exist, state “No exceptions to note.”)

	 	 	 	 	 	 	 	 	 	 	 
	LendingClub Corporation	 	 	 	LENDER USE ONLY
	 
	By:

	 	 	 	 	 	 	 	Received by: 	 	 
	 	 	   	 	 	 	 	 
	 

	 	Name:
	 	 	 	 	 	Date:	 	 
	 

	 	 	 	 
	 	 	 	 	 
	 

	 	Title:
	 	 	 	 	 	 	Verified: 	 
	 

	 	 	 	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	Date:	 
	 

	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	Compliance Status: Yes No

 

4

 

Schedule 1 to Compliance Certificate

Financial Covenants of Borrower

Reporting Period Ending: ____________________

In the event of a conflict between this Schedule and the Loan Agreement, the terms of the Loan
Agreement shall govern.

I. Minimum Collateral Value Ratio (Section 6.8(b)) to be tested as of the last day of each calendar
quarter (or at the end of each calendar month if requested by Lenders)

	 	 	 	 	 
	Required:
	 	 	1.05:1.00	 
	 
	 	 	 	 
	Actual:
	 	 	 	 
	 
	 	 	 	 
	A. Value of all CDs pledged to Gold Hill
	 	$	                    	 
	 
	 	 	 	 
	B. Outstanding principal balance of Financed Loans and
Pledged Investor Loans
	 	$	                    	 
	 
	 	 	 	 
	C. The aggregate Available Cash in Lenders’ accounts
	 	$	                    	 
	 
	 	 	 	 
	D. The sum of lines A and B and C
	 	$	                    	 
	 
	 	 	 	 
	E. Outstanding balance owing to Gold Hill
	 	$	                    	 
	 
	 	 	 	 
	F. Minimum Collateral Value Ratio (Line D divided by line E )
	 	$	                    	 

Is line F equal to or greater than 1.05:1:00?

	 	 	 	 	 
	 

	 	                     No, not in compliance
	 	                     Yes, in compliance

 

5

 

Schedule 1

Intercreditor Agreement

 

 

 

Schedule 2

Deposit Account Control Agreement

 

2

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