Document:

gsky3q2020ex10_2

                                                                             Exhibit 10.2                                  FIFTH AMENDMENT TO                                AMENDED AND RESTATED                 CO-BRANDED MASTERCARD CARD PROGRAM AGREEMENT  THIS FIFTH AMENDMENT TO AMENDED AND RESTATED CO-BRANDED MASTERCARD CARD  PROGRAM AGREEMENT (this “Amendment”), effective as of [August 8], 2020 (the “Effective Date”),  is made by and between GreenSky, LLC (f/k/a GreenSky Trade Credit, LLC), a Georgia limited liability  company (“GreenSky”), and Comdata Inc., a Delaware corporation and successor in interest to  Comdata Network, Inc., a Maryland corporation (“Comdata”).                                        RECITALS:  A.     Comdata and GreenSky are parties to that certain Amended and Restated Co-Branded MasterCard Card Program Agreement dated October 15, 2012, as previously amended (the “Agreement”).  B.     The parties desire to amend the Agreement as set forth herein.  Capitalized terms used herein and not otherwise defined will have the respective meanings set forth in the Agreement.        IN CONSIDERATION of the mutual promises contained in this Amendment, and other good and  valuable consideration, the receipt and sufficiency of which are acknowledged, GreenSky and Comdata  agree to amend the Agreement, effective as of the Effective Date, as follows:  1.     Section 3(f) of the Agreement is hereby deleted in its entirety and replaced with the following:        “3(f)  Financial Covenants. In recognition of Comdata's agreement to extend credit to       Greensky, Greensky covenants and agrees as follows:            (A)   Greensky will not permit its tangible net worth at any time to be less than                 $7,500,000. For the purpose of this covenant, “tangible net worth” means (i) the                 aggregate amount of all assets of Greensky as may be properly classified as such,                 other than goodwill and such other assets as are properly classified as intangible                 assets, less (ii) the aggregate amount of all liabilities of Greensky (excluding                 Greensky’s non-cash financial guaranty liabilities), all in accordance with GAAP                 (subject to the foregoing).            (B)   Greensky will maintain a minimum aggregate net income of $5,000,000, in                 accordance with GAAP, for the four trailing fiscal quarters.  For such purposes, the                 calculation of net income will not take into account Greensky’s non-cash financial                 guaranty liabilities, but will take into account Greensky’s cash financial guaranty                 expenses.            (C)   Greensky will not permit the ratio of (i) the aggregate amount of all liabilities of                 Greensky (net of any restricted cash maintained by Greensky with respect to such                 liabilities) to (ii) Total Members Equity to exceed 3.0 to 1.0.            (D)   to the extent requested in writing by Comdata for a relevant period specified                 below, Greensky agrees that it will deliver any of the following items to Comdata                 within the applicable timeframes specified below:                  (i)    as soon as is available, and in any event within 120 days after the end of                        Greensky’s fiscal year, the audited financial statements of Greensky setting                        forth the audited balance sheets of Greensky as at the end of such year and

 

            the audited statements of income, statements of cash flows and statements              of retained earnings of Greensky for such year, setting forth in each case in              comparative form the corresponding figures of the preceding fiscal year,              accompanied by the report of Greensky’s certified public accountants              (unless such financial statements are publicly available in Greensky’s              filings with the Securities and Exchange Commission), together with a              certificate of Greensky’s chief financial or principal accounting officer              setting forth the covenant calculations set forth in (A) through (C) above              for the year and quarter then ended, as the case may be; and        (ii)  as soon as is available, and in any event within 45 days of the end of any of              the first three fiscal quarters of Greensky’s fiscal year, the balance sheet of              Greensky as of the end of such quarter and the statements of income and              statements of cash flow of Greensky for such quarter and for the period              from the beginning of the fiscal year to the end of such quarter, all certified              by the Greensky’s chief financial or principal accounting officer as being              true and correct to the best of his or her knowledge (unless such financial              statements are publicly available in Greensky’s filings with the Securities              and Exchange Commission), together with a certificate of Greensky’s chief              financial or principal accounting officer setting forth the covenant              calculations set forth in (A) through (C) above for the quarter then ended;              and         (iii) within 45 days of the end of a fiscal quarter, a report that lists each              Funding Bank and their corresponding credit rating; and         (iv)  within 45 days from the end of a fiscal quarter, a report that identifies all              Funding Banks under its Programs, the amount of their commitment,              current balance, daily authorizations, total amount funded, and the              remaining availability. Comdata agrees to use the financial information              received from Greensky hereunder solely in connection with its              performance under this Agreement and not to disclose any non-public              information of Greensky to any third party (other than as may be required              to be disclosed to the Issuing Bank) without the consent of the Customer;              and        (v)   within 10 days from a month-end, a listing of loan originations for              Greensky’s top 10 Program Sponsors. The listing should include the              amounts owed as well as the percentage to the total of all originations for              the same time period across all Program Sponsors. Program Sponsors'              names can be masked based on Greensky's desire to do so. Comdata              reserves the right to request additional information about any Program              Sponsor representing more than 10% of Greensky's loan originations.  (E)   to the extent requested in writing by Comdata, Greensky shall notify Comdata        within fifteen (15) days of such request regarding the addition of any new Funding        Bank and any material changes to the funding commitments of any existing        Funding Bank with $200,000,000 or more in total loan commitments since        Greensky’s prior disclosure of such information. Such changes include the        following, but are not limited to: (i) termination or notice of termination of any        existing Funding Bank; and (ii) adverse change in any loan terms (e.g., reduction of        loan commitment amount, incremental material conditions attached to        originations); and (iii) notice that any material population of loans originated        hasn't met origination conditions.”

 

2.    Except as expressly amended or modified hereby, the Agreement remains in full force and  effect and is hereby ratified and confirmed by the parties hereto in all respects.  Each reference in the  Agreement to “this Agreement” or “hereof”, “hereunder” or words of like import, and each reference in  any other document to the Agreement shall mean and be a reference to the Agreement as amended  hereby.                               [Signature page follows]

 

IN WITNESS WHEREOF, the parties have entered into this Amendment through their duly authorized  representatives:  COMDATA INC.                              GREENSKY, LLC  BY: /s/ Mary Beth Joiner                  BY: /s/ Robert Partlow  NAME: Mary Beth Joiner                    NAME: Robert Partlow  TITLE: SVP                                TITLE: CFOgsky3q2020ex10_3

                                                                     Exhibit 10.3   CERTAIN INFORMATION, IDENTIFIED BY [*****], HAS BEEN EXCLUDED FROM THE   EXHIBIT BECAUSE IT IS BOTH NOT MATERIAL AND WOULD LIKELY CAUSE   COMPETITIVE HARM TO THE COMPANY IF PUBLICLY DISCLOSED.                                 AMENDMENT NO. 1 TO                            WAREHOUSE CREDIT AGREEMENT         This AMENDMENT NO. 1 TO WAREHOUSE CREDIT AGREEMENT (this “Agreement”) is   entered into as of July 24, 2020 by and among GS INVESTMENT I, LLC, a Georgia limited   liability company, as borrower (together with its permitted successors and assigns, the   “Borrower”), the Lenders party hereto, JPMORGAN CHASE BANK, N.A., a national banking   association, as administrative agent (in such capacity, the “Administrative Agent”).                                      RECITALS         WHEREAS, the Borrower has entered into that certain Warehouse Credit Agreement, dated   as of May 11, 2020, by and among the Borrower, the lenders from time to time party thereto (the   “Lenders”), and the Administrative Agent (as amended, restated, supplemented or otherwise   modified from time to time, the “Credit Agreement”);         WHEREAS, the Borrower has advised the Administrative Agent and the Lenders that the   Seller wishes to convert from a Georgia limited liability company to a Delaware limited liability   company effective on or about the date hereof (the “Seller Conversion”) and the Administrative   Agent and the Lenders have agreed to consent to the Seller Conversion upon the terms and   subject to the conditions set forth herein;          WHEREAS, the Borrower has requested that the Class A Lenders fund Class A Loans in an   aggregate amount of $200,000,000 under the Uncommitted Class A Facility;         WHEREAS, in accordance with the terms of the Credit Agreement, the Borrower has   requested, and the Administrative Agent and the Lenders have agreed to, modify certain   provisions of the Credit Agreement, upon the terms and subject to the conditions set forth herein.          NOW, THEREFORE, in consideration of the mutual covenants set forth herein and for other   good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,   the parties hereto hereby agree as follows:                                    AGREEMENT         1.    Defined Terms.  Capitalized terms used herein and not otherwise defined shall   have the meanings ascribed to such terms in the Credit Agreement.          2.    Amendment to the Credit Agreement.  Upon satisfaction of the conditions set forth  in Section 3 hereof, the parties hereto agree that:              (a)   Section 1.01 of the Credit Agreement is hereby amended by inserting the  following new definitions therein in their proper alphabetical order:

 

           “First Amendment” means that certain Amendment No. 1 to Warehouse Credit             Agreement, dated as of July 24, 2020, by and among the Borrower, the Lenders             party thereto and the Administrative Agent.              “First Amendment Effective Date” means July 24, 2020.              “Original Fee Letter” means that letter dated as of the Closing Date made by the             Administrative Agent, and accepted by the Borrower and GreenSky.             “Side Letter” means that certain letter agreement, dated as of the First             Amendment Effective Date, made by the Administrative Agent, the Class A             Lenders, the Borrower and GreenSky.              (b)   Section 1.01 of the Credit Agreement is hereby amended by amending and  restating the definition of “[*****]” in its entirety as follows:              [*****]             (c)   Section 1.01 of the Credit Agreement is hereby amended by amending and  restating the definition of “Fee Letter” in its entirety as follows:             “Fee Letter” means the Original Fee Letter as supplemented by the Side Letter.             (e)   Section 1.01 of the Credit Agreement is hereby amended by amending and  restating the definition of “Transaction Documents” in its entirety as follows:             ““Transaction Documents” means this Agreement, the Master Purchase             Agreement, the Servicing Agreement, the Backup Servicing Agreement, the             Multiparty Agreement, any Account Control Agreement, the Fee Letter, the             GreenSky Representations Letter, the Side Letter and each other contract,             agreement, undertaking or other instrument executed in connection with any of             the foregoing, including all exhibits, annexes and schedules attached to any of the             foregoing, and other documents and certificates delivered in connection therewith;             provided that Hedge Agreements and other documents and certificates delivered             in connection therewith shall not be deemed to be Transaction Documents.”             (f)   Section 1.01 of the Credit Agreement is hereby amended by amending and  restating the definition of “Uncommitted Class A Facility” in its entirety as follows:             ““Uncommitted Class A Facility” means discretionary revolving loans that may             be made by one or more Class A Lenders in such Class A Lender’s sole discretion             in a principal amount which may be agreed to by the Administrative Agent, the             Class A Lenders and the Borrower but shall in no event exceed $200,000,000 in             the aggregate. As of the Closing Date, the Uncommitted Class A Facility is $0.              As of the First Amendment Effective Date, the Uncommitted Class A Facility is             $200,000,000.”             (g)   Section 3.01(a) of the Credit Agreement is hereby amended to delete the                                      2

 

reference to “Section 3.02(e)(ii) of the Servicing Agreement” therein and replace it with “Section  2.01(e)(ii) of the Servicing Agreement”.              (h)   Section 10.01(d) of the Credit Agreement is hereby deleted in its entirety.             (i)   Schedule VII to the Credit Agreement is hereby replaced in its entirety  with Schedule VII attached to this Agreement.          3.   Conditions Precedent. The effectiveness of this Agreement is subject to the  receipt by the Administrative Agent of the following, each in form and substance acceptable to  the Administrative Agent:             (a)   this Agreement duly executed and delivered by the parties thereto;              (b)   (i) the Certificate of Conversion from a Non-Delaware Limited Liability  Company to a Delaware Limited Liability Company filed by the Seller with the Secretary of  State of the State of Delaware dated on or about the date hereof, (ii) the Certificate of Formation  of the Seller filed with the Secretary of State of the State of Delaware dated on or about the date  hereof and (iii) the Second Amended and Restated Limited Liability Company Agreement dated  on or about the date hereof;             (c)   resolutions of the governing authority the Borrower, the Seller and  GreenSky ratifying (A) the execution, delivery and performance, respectively, of this  Agreement, the Credit Amendment and all Transaction Documents to which it is a party, (B) in  the case of the Borrower only, the incurrence of the indebtedness contemplated under the  Transaction Documents, and (C) in the case of the Borrower only, the granting by the Borrower  to the Administrative Agent, for the benefit of the Secured Parties, of the security interests  contemplated by the Credit Agreement, certified by the Secretary or an Assistant Secretary of the  Borrower as of the date hereof, which certificate shall state that the resolutions thereby certified  have not been amended, modified, revoked or rescinded as of the date of such certificate;              (d)   (i) UCC search results with respect to the Seller in the State of Delaware  and (ii) UCC “back-up” filing naming the Seller as debtor and the Administrative Agent, as  assignee secured party of the Seller, to be filed with the Secretary of State of the State of  Delaware.             (e)   a legal opinion from counsel to the Seller, opining that the backup security  interest in the Purchased Participations and other Purchased Assets granted by the Seller to the  Borrower under the Master Participation Agreement is valid and perfected under the applicable  UCC;             (f)   legal opinion from counsel to the Seller with respect to corporate or other  company authority of the Seller;              (g)   the Borrower shall pay to the Administrative Agent (who shall distribute  the same to each Lender entitled to any portion thereof) the Upfront Fee in respect of the Class A  Loans attributable to the Uncommitted Class A Facility; and                                      3

 

           (h)   the Borrower shall pay or caused to be paid (i) reasonable legal fees and  expenses of Chapman and Cutler LLP, as counsel to the Administrative Agent, for the  negotiating, documenting and closing of the transactions contemplated hereby, and (ii) the  reasonable out-of-pocket expenses of the Administrative Agent in connection herewith.        4.   Funding of Uncommitted Class A Facility.  Subject to the satisfaction of the  conditions set forth in Section 3 above and in Section 5.02 of the Credit Agreement, the Class A  Lenders hereby agree to fund $200,000,000 of the Class A Loans attributable to the  Uncommitted Class A Facility.         5.   Representations and Warranties of Borrower. Borrower hereby represents and  warrants to the Administrative Agent and each Lender that:             (a)   the representations and warranties of Borrower contained in Section 4.01  of the Credit Agreement are true and correct in all material respects (except in the case of any  representation and warranty qualified by materiality, which is true and correct in all respects) as  of the date hereof, except to the extent that such representations and warranties specifically refer  to an earlier date, in which case they are true and correct in all material respects (except in the  case of any representation and warranty qualified by materiality, which is true and correct in all  respects) as of such earlier date;             (b)   no Default or Event of Default has occurred and is continuing;             (c)   the Borrower has all requisite power and authority and all requisite  governmental licenses, permits, authorizations, consents and approvals to execute, deliver and  perform its obligations under this Agreement and the Transaction Documents as amended  hereby;             (d)   the execution, delivery and performance by the Borrower of this  Agreement has been duly authorized by all necessary corporate or other organizational action,  and does not and will not: (i) contravene the terms of any Borrower Organizational Documents;  (ii) conflict with or result in any breach, termination, or contravention of, or constitute a default  under, or require any payment to be made under (x) any material contract or agreement or any  material indebtedness to which the Borrower is a party or affecting the Borrower or the  properties of the Borrower, (y) any order, injunction, writ or decree of any Governmental  Authority or any arbitral award to which the Borrower or its property is subject; or (z) result in or  require the creation of any Lien upon any asset of the Borrower (other than Liens in favor of the  Administrative Agent under the Transaction Documents); or (c) violate any Requirements of  Law;             (e)   no approval, consent, exemption, authorization, or other action by, or  notice to, or filing with, any Governmental Authority or any other Person is necessary or  required in connection with the execution, delivery or performance by, or enforcement against,  the Borrower of this Agreement; and             (f)   this Agreement has been duly executed and delivered by the Borrower and  constitutes a legal, valid and binding obligation of the Borrower, enforceable against the  Borrower in accordance with its terms, subject to applicable bankruptcy, insolvency,                                      4

 

reorganization, moratorium or other laws affecting creditors’ rights generally and subject to  general principles of equity, regardless of whether considered in a proceeding in equity or at law.        6.   Effect on the Credit Agreement and Ratification.  (a) Except as expressly set forth  herein, nothing contained herein shall be deemed to constitute a waiver of compliance with any  term or condition contained in the Credit Agreement or any of the other Transaction Documents  or constitute a course of conduct or dealing among the parties.  The Administrative Agent and  Lenders reserve all rights, privileges and remedies under the Transaction Documents.  The Credit  Agreement, as hereby amended, the GreenSky Representations Letter and all other Transaction  Documents are hereby ratified and re-affirmed by the Borrower, the Seller and GreenSky, as  applicable, in all respects and shall remain unmodified and in full force and effect. All references  in the Transaction Documents to the Credit Agreement shall be deemed to be references to the  Credit Agreement as modified hereby. This Agreement shall constitute a Transaction Document.         (b)  The relationship of the Administrative Agent and the Lender, on the one hand,  and the Borrower, on the other hand, has been and shall continue to be, at all times, that of  creditor and debtor and not as joint venturers or partners.  Nothing contained in this Agreement,  any instrument, document or agreement delivered in connection herewith or in the Credit  Agreement or any of the other Transaction Documents shall be deemed or construed to create a  fiduciary relationship between or among the parties.        (c)  The Administrative Agent and each Lender party hereto hereby consents to the  Seller Conversion.        7.   No Novation. This Agreement is not intended by the parties to be, and shall not be  construed to be, a novation of the Credit Agreement or any other Transaction Document or an  accord and satisfaction in regard thereto.        8.   Successors and Assigns.  The provisions of this Agreement shall be binding upon  and inure to the benefit of the parties hereto and their respective successors and permitted  assigns; provided that the Borrower may not assign or transfer any of its rights or obligations  under this Agreement without the prior written consent of the Administrative Agent and Lenders.         9.   Headings.  The captions and headings of this Agreement are for convenience of  reference only and shall not affect the interpretation of this Agreement.        10.  Incorporation of Credit Agreement.  The provisions contained in Section 10.2  (Confidentiality; Publicity), Section 10.03 (Binding on Successors and Assigns), Section 10.08  (Severability of Provisions), Section 10.11 (Governing Law), Section 10.12 (Submission to  Jurisdiction), Section 10.13 (Waiver of Jury Trial), and Section 10.14 (Counterparts; Electronic  Delivery) of the Credit Agreement are incorporated herein by this reference, mutatis mutandis.                 REMAINDER OF PAGE INTENTIONALLY BLANK; SIGNATURES FOLLOW.                                       5

 

      IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed  and delivered by its duly authorized officer as of the day and year first above written.                                    GS INVESTMENT I, LLC, as Borrower                                   By:/s/ Timothy Kaliban                                  Name: Timothy Kaliban                                  Title:  President                                    JPMORGAN CHASE BANK, N.A., as Administrative                                   Agent and as an initial Committed Lender                                   By:/s/ R. Eric Wiedelman                                  Name: R. Eric Wiedelman                                  Title: Managing Director                                   CHARIOT FUNDING LLC, as a Conduit Lender                                  By: JPMorgan Chase Bank, N.A., as its attorney-in-                                  fact                                   By:/s/ R. Eric Wiedelman                                  Name: R. Eric Wiedelman                                  Title: Managing Director                        AMENDMENT NO. 1 TO WAREHOUSE CREDIT AGREEMENT

 

Acknowledged and Agreed:  GS DEPOSITOR I, LLC, as Seller  By:/s/ Timothy Kaliban Name: Timothy Kaliban Title: President   GREENSKY, LLC, as GreenSky and Servicer  By:/s/ Timothy Kaliban Name: Timothy Kaliban Title: President

 

Schedule VII     Origination Partners and Selling Bank Partners

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