Document:

Exhibit 10.6

Exhibit 10.6

FIRST AMENDMENT TO SECOND AMENDED AND RESTATED LOAN AND

SECURITY AGREEMENT

THIS FIRST AMENDMENT TO SECOND AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT (this
“Agreement”) is entered into this 15th day of April, 2010, by and among SILICON VALLEY
BANK (“Bank”), and LENDINGCLUB CORPORATION, a Delaware corporation (“Borrower”).

Recitals

A. Bank and Borrower have entered into that certain Second Amended and Restated Loan and
Security Agreement dated July 23, 2009 (as the same may from time to time be further amended,
modified, supplemented or restated, the “Loan Agreement”).

B. Bank has 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 Bank 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. Bank 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 Bank to secure the payment and
performance in full of all of the Obligations, a continuing security interest in, and pledges to
Bank 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 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 Bank, and (iii) only to the extent of Borrower’s ownership interest in the
Clearing Account. Borrower hereby authorizes Bank 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, Bank 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. Bank hereby waives the Existing Event of Default.
Bank’s agreement to waive the Existing Event of Default shall in no way obligate Bank 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 Bank’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:

Bank and Borrower hereby acknowledge and agree that, notwithstanding anything set forth
to the contrary herein, the first priority security interest granted by Borrower to Bank
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 Bank
and Gold Hill.

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

 

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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 Bank 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.

(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, Bank and Gold Hill.

 

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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 Bank 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 Bank to enter into this Agreement, Borrower
hereby represents and warrants to Bank 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 Bank 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;

7.3 Borrower has previously delivered its organizational documents to Bank, 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;

 

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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 Bank of this Agreement by each party hereto, (b) the due
execution and delivery to Bank of the Intercreditor Agreement in the form attached hereto as
Schedule 1 by each party thereto, (c) the due execution and delivery to Bank of the Deposit
Account Control Agreement in the form attached hereto as Schedule 2 by each party thereto,
(d) Bank’s filing of a UCC Amendment, and (e) payment of Bank’s legal fees and expenses in
connection with the negotiation and preparation of this Agreement.

[Signature page follows.]

 

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

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

	 	Name:	 	 	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	BORROWER:	 	 
	 
	 	 	 	 	 	 
	LENDINGCLUB CORPORATION	 	 
	 
	 	 	 	 	 	 
	By:	 	/s/ Renaud Laplanche	 	 
	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 

 

 

 

EXHIBIT B

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 Bank’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).

 

 

 

EXHIBIT E

COMPLIANCE CERTIFICATE

Reporting Period Ending _____________

	 	 	 	 	 	 	 
	TO:

	 	SILICON VALLEY BANK
	 	Date:	 	 
	 

	 	 	 	 	 	 
	FROM:

	 	LENDINGCLUB CORPORATION	 	 	 	 

The undersigned authorized officer of LENDINGCLUB CORPORATION (“Borrower”) certifies that
under the terms and conditions of the Second Amended and Restated Loan and Security Agreement
between Borrower and Bank, (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 Bank. 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 Bank 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
Bank):
	 	 	 	 	 	 	 	 	 	 	 	 
	Minimum Collateral Value Ratio
	 	 	1:05:1.0	 	 	 	____:1.0	 	 	Yes  No

 

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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	 	BANK USE ONLY
	 
	By:

	 	 	 	 	 	 	 	Received by: 	 	 
	 	 	 	 	 	 	 
	 

	 	Name:
	 	 	 	 	 	Date: 	 	 
	 

	 	 	 	 
	 	 	 	 	 
	 

	 	Title:
	 	 	 	 	 	 	Verified: 	 
	 

	 	 	 	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	Date: 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	Compliance Status: Yes No

 

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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) to be tested as of the last day of each calendar
quarter (or at the end of each calendar month if requested by Bank)

	 	 	 	 	 
	Required:
	 	 	1.05:1.00	 
	 
	 	 	 	 
	Actual:
	 	 	 	 
	 
	 	 	 	 
	A. Value of all CDs pledged to SVB
	 	$	                    	 
	 
	 	 	 	 
	B. Outstanding principal balance of Financed Loans and
Pledged Investor Loans
	 	$	                    	 
	 
	 	 	 	 
	C. The aggregate Available Cash in Bank’s accounts
	 	$	                    	 
	 
	 	 	 	 
	D. The sum of lines A and B and C
	 	$	                    	 
	 
	 	 	 	 
	E. Outstanding balance owing to SVB
	 	$	                    	 
	 
	 	 	 	 
	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

 

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Schedule 1

Intercreditor Agreement

 

 

 

Schedule 2

Deposit Account Control AgreementExhibit 10.26

Exhibit 10.26

SECURITY AGREEMENT:

SPECIFIC RIGHTS TO PAYMENT

1. GRANT OF SECURITY INTEREST. For valuable consideration, the undersigned LENDINGCLUB
CORPORATION, (“Debtor”), hereby grants and transfers to WELLS FARGO BANK, NATIONAL ASSOCIATION
(“Bank”) a security interest, subject to the Permitted Liens (as defined below), in the following
accounts, deposit accounts, chattel paper (whether electronic or tangible), instruments, promissory
notes, documents, payment intangibles, letter of credit rights, health-care insurance receivables
and other rights to payment in or directly related to the following (collectively called
“Collateral”):

Wells Fargo Bank demand deposit account [commercial checking account] number 9789827707 and
all funds now held or hereafter deposited therein, including any interest earned thereon, if
applicable (the “Account”)

and all renewals thereof, including all securities, guaranties, warranties, indemnity agreements,
insurance policies, supporting obligations and other agreements pertaining to the same or the
property described therein, together with whatever is receivable or received when any of the
Collateral or proceeds thereof are sold, collected, exchanged or otherwise disposed of, whether
such disposition is voluntary or involuntary, including without limitation, all rights to payment,
including returned premiums, with respect to any insurance relating to any of the foregoing, and
all rights to payment with respect to any claim or cause of action affecting or relating to any of
the foregoing (hereinafter called “Proceeds”). Notwithstanding the foregoing, the Collateral and
Proceeds subject to this Agreement are expressly limited to the assets actually owned by Debtor in
the Account.

2. OBLIGATIONS SECURED. The obligations secured hereby are the payment and performance of:
(a) all present and future Indebtedness of Debtor to Bank pursuant to that certain Master Agreement
for Treasury Management Services between Debtor and Bank, together with Service Documentation as
defined therein including that certain ACH Services Service Description accepted by Debtor on April
19, 2007 (collectively, the “Treasury Agreement”); and (b) all obligations of Debtor and rights of
Bank under this Agreement. The word “Indebtedness” is used herein in its most comprehensive sense
and includes any and all advances, debts, obligations and liabilities of Debtor, or any of them,
heretofore, now or hereafter made, incurred or created, whether voluntary or involuntary and
however arising, whether due or not due, absolute or contingent, liquidated or unliquidated,
determined or undetermined, including under any swap, derivative, foreign exchange, hedge, deposit,
treasury management or other similar transaction or arrangement, and whether Debtor may be liable
individually or jointly with others, or whether recovery upon such Indebtedness may be or hereafter
becomes unenforceable.

3. TERMINATION. This Agreement will terminate upon the termination of the Treasury Agreement
and the performance of all obligations of Debtor thereunder, including without limitation, the
payment of all Indebtedness of Debtor to Bank and the termination of all commitments of Bank to
extend credit to Debtor thereunder, existing at the time Bank receives written notice from Debtor
of the termination of this Agreement.

4. OBLIGATIONS OF BANK. Bank has no obligation to make any loans hereunder. So long as no
Event of Default under this Agreement has occurred and is continuing, any money received by Bank in
respect of the Collateral will be deposited into the Account. Upon
the occurrence of an Event of Default under this Agreement and for so long as it is continuing,
Bank, at its option, may deposit money received in respect of the Collateral into a non-interest
bearing account over which Debtor shall have no control, and the same shall, for all purposes, be
deemed Collateral hereunder.

 

 

 

5. REPRESENTATIONS AND WARRANTIES. Debtor represents and warrants to Bank that: (a) Debtor’s
legal name is exactly as set forth on the first page of this Agreement, and all of Debtor’s
organizational documents or agreements delivered to Bank are complete and accurate in every
respect; (b) Debtor is the owner and has possession or control of the Collateral and Proceeds to
the extent set forth in Section 1 hereof; (c) to the extent set forth in Section 1 hereof, Debtor
has the exclusive right to grant a security interest in the Collateral and Proceeds; (d) to the
extent actually owned by Debtor, such Collateral and Proceeds are genuine, free from liens other
than those that are subject to a written Intercreditor Agreement between Bank and Debtor’s
creditor(s), adverse claims, setoffs, default, prepayment, defenses and conditions precedent of any
kind or character, except the lien created hereby, Permitted Liens as defined below, or as
otherwise agreed to by Bank in writing; (e) all statements contained herein and, where applicable,
in the Collateral are true and complete in all material respects; (f) except to the extent
subordinated in writing to Bank’s lien, no financing statement covering any of the Collateral or
Proceeds, and naming any secured party other than Bank as to the Collateral, is on file in any
public office as of the date hereof; (g) all persons appearing to be obligated on Collateral and
Proceeds to the best of Debtor’s knowledge have authority and capacity to contract and are bound as
they appear to be; (h) all property subject to chattel paper has been properly registered and filed
in compliance with law and to perfect the interest of Debtor in such property if perfected; and (i)
to the best of the Debtor’s knowledge, all Collateral and Proceeds comply with all applicable laws
concerning form, content and manner of preparation and execution, including where applicable
Federal Reserve Regulation Z and any State consumer credit laws. For the purposes of this
Agreement, “Permitted Liens” shall mean

	 	(i)	 	Liens for current taxes or other governmental or regulatory assessments which are not
delinquent, or which are contested in good faith by the appropriate procedures and for
which appropriate reserves are maintained;
	 
	 	(ii)	 	Liens in favor of Bank, Silicon Valley Bank or Gold Hill Venture Lending 03, LP;
	 
	 	(iii)	 	Bankers’ liens, rights of setoff and similar Liens incurred on deposits made in the
ordinary course of business;
	 
	 	(iv)	 	Liens in favor of certain parties that entered into secured notes with the Company and
which agreements grant a security interest in the proceeds of the borrower loans funded
with the money obtained from such agreements in accordance with the schedule attached as
Exhibit A hereto;
	 
	 	(v)	 	Materialmen’s, mechanics’, repairmen’s, employees’ or other like liens arising in the
ordinary course of business and which are not delinquent for more than 45 days or are
being contested in good faith by appropriate proceedings and for which appropriate reserves
are maintained;
	 
	 	(vi)	 	Any judgment, attachment or similar lien, writ or execution thereof, so long as the
judgment or obligation it secures has been satisfied, discharged, removed or effectively
stayed and bonded against pending appeal within 10 days of the entry thereof; and
	 
	 	(vii)	 	Liens which have been disclosed in writing to Bank prior to the date hereof.

 

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6. COVENANTS OF DEBTOR.

(a) Debtor agrees in general: (i) to pay Indebtedness secured hereby when due; (ii) to
indemnify Bank against all losses, claims, demands, liabilities and expenses (including reasonable
attorneys fees) of every kind caused by the Collateral subject hereto; (iii) to permit Bank to
exercise its powers set forth herein; (iv) to execute and deliver such documents as Bank deems
reasonably necessary to create, perfect and continue the security interests contemplated hereby;
(v) not to change its name, and as applicable, its chief executive office, its principal residence
or the jurisdiction in which it is organized and/or registered without giving Bank prior written
notice thereof; (vi) not to change the places where Debtor keeps any Collateral or Debtor’s records
concerning the Collateral and Proceeds without giving Bank prior written notice of the address to
which Debtor is moving same; and (vii) to cooperate with Bank in perfecting all security interests
granted herein and in obtaining such agreements from third parties as Bank deems reasonably
necessary, proper or convenient in connection with the preservation, perfection or enforcement of
any of its rights hereunder.

(b) Debtor agrees with regard to the Collateral and Proceeds, unless Bank agrees otherwise in
writing (it being specifically acknowledged herein that Bank has consented to Debtor’s grant of a
junior lien in the Collateral and Proceeds to Silicon Valley Bank): (i) that Bank is authorized to
file financing statements in the name of Debtor to perfect Bank’s security interest in Collateral
and Proceeds; (ii) [intentionally omitted]; (iii) not to permit any lien, other than Permitted
Liens, on the Collateral or Proceeds, except in favor of Bank; (iv) not to sell, hypothecate or
otherwise dispose of, nor permit the transfer by operation of law of, any of the Collateral or
Proceeds or any interest therein, nor withdraw any funds from any deposit account pledged to Bank
hereunder except, so long as no Event of Default under this Agreement has occurred and is
continuing, in the ordinary course of Debtor’s business; (v) to keep, in accordance with generally
accepted accounting principles, complete and accurate records regarding all Collateral and
Proceeds, and to permit Bank to inspect the same and make copies thereof at any reasonable time
upon at least five days prior written request; (vi) if a default under this Agreement has occurred
and is continuing, upon Bank’s written request to receive and use reasonable diligence to collect
Proceeds, in trust and as the property of Bank, and to immediately endorse as appropriate and
deliver such Proceeds to Bank daily in the exact form in which they are received together with a
collection report in form reasonably satisfactory to Bank; (vii) not to commingle Collateral or
Proceeds, or collections thereunder, with other property; (viii) if a default under this Agreement
has occurred and is continuing, and Bank elects to receive payments of Collateral and Proceeds
hereunder, to pay all expenses incurred by Bank in connection therewith, including expenses of
accounting, correspondence, collection efforts, reporting to account or contract debtors, filing,
recording, record keeping and expenses incidental thereto; and (ix) to provide any service and do
any other acts which may be necessary to keep all Collateral and Proceeds free and clear of all
defenses, rights of offset and counterclaims other than Permitted Liens.

7. POWERS OF BANK. Debtor appoints Bank its true attorney in fact to perform any of the
following powers, which are coupled with an interest, are irrevocable until termination of this
Agreement and may be exercised from time to time by Bank’s officers and employees, or any of them,
effective immediately upon the occurrence and during the continuance of an Event of Default under
this Agreement : (a) to perform any obligation of Debtor hereunder in Debtor’s name or otherwise;
(b) to give notice to account debtors or others of Bank’s rights in the Collateral and Proceeds, to
enforce or forebear from enforcing the same and make extension or modification agreements with
respect thereto; (c) to release persons liable on Collateral or Proceeds and to give receipts and

 

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acquittances and compromise disputes in connection
therewith; (d) to release or substitute security; (e) to resort to security in any order; (f) to
prepare, execute, file, record or deliver notes, assignments, schedules, designation statements,
financing statements, continuation statements, termination statements, statements of assignment,
applications for registration or like papers to perfect, preserve or release Bank’s interest in the
Collateral and Proceeds; (g) to receive, open and read mail addressed to Debtor; (h) to take cash,
instruments for the payment of money and other property to which Bank is entitled; (i) to verify
facts concerning the Collateral and Proceeds by inquiry of obligors thereon, or otherwise, in its
own name or a fictitious name; (j) to endorse, collect, deliver and receive payment under
instruments for the payment of money constituting or relating to Proceeds; (k) to prepare, adjust,
execute, deliver and receive payment under insurance claims, and to collect and receive payment of
and endorse any instrument in payment of loss or returned premiums or any other insurance refund or
return, and to apply such amounts received by Bank, at Bank’s sole option, toward repayment of the
Indebtedness; (l) to exercise all rights, powers and remedies which Debtor would have, but for this
Agreement, with respect to all Collateral and Proceeds subject hereto; (m) to make withdrawals from
and to close deposit accounts or other accounts with any financial institution, wherever located,
into which Proceeds may have been deposited, and to apply funds so withdrawn to payment of the
Indebtedness; (n) to preserve or release the interest evidenced by chattel paper to which Bank is
entitled hereunder and to endorse and deliver any evidence of title incidental thereto; and (o) to
do all acts and things and execute all documents in the name of Debtor or otherwise, deemed by Bank
as necessary, proper and convenient in connection with the preservation, perfection or enforcement
of its rights hereunder.

8. PAYMENT OF PREMIUMS, TAXES, CHARGES, LIENS AND ASSESSMENTS. Debtor agrees to pay, prior to
delinquency, all insurance premiums, taxes, charges, liens and assessments against the Collateral
and Proceeds except those being contested in good faith by Debtor for which appropriate reserves
have been made, and upon the failure of Debtor to do so after written request by Bank, Bank, at its
option, may pay any of them and shall be the sole judge of the legality or validity thereof and the
amount necessary to discharge the same. Any such payments made by Bank shall be obligations of
Debtor to Bank, due and payable immediately upon demand, together with interest at a rate
determined in accordance with the provisions of this Agreement, and shall be secured by the
Collateral and Proceeds, subject to all terms and conditions of this Agreement.

9. EVENTS OF DEFAULT. The occurrence of any of the following shall constitute an “Event of
Default” under this Agreement: (a) any default in the payment or performance of any obligation, or
any defined event of default, under (i) any material contract or instrument evidencing any
Indebtedness unless Debtor is disputing such contract or instrument in good faith and has
adequately reserved for such obligation on its financial statements, or (ii) any other agreement
between Debtor and Bank, including without limitation any loan agreement, relating to or executed
in connection with any Indebtedness; (b) any representation or warranty made by Debtor herein shall
prove to be incorrect, false or misleading in any material respect when made; (c) Debtor shall fail
to observe or perform any material obligation or agreement contained herein; (d) any material
impairment of the rights of Bank in any Collateral or Proceeds, or any attachment or like levy on
the Account, the Collateral or the Proceeds other than Permitted Liens; and (e) Bank, in good
faith, believes any or all of the Collateral and/or Proceeds to be in danger of misuse,
dissipation, commingling, loss, theft, damage or destruction, or otherwise in jeopardy or
unsatisfactory in character or value.

 

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10. REMEDIES. Upon the occurrence and continuance of any Event of Default, Bank shall have
the right to declare immediately due and payable all or any Indebtedness
secured hereby and to terminate any commitments to make loans or otherwise extend credit to Debtor.
Bank shall have all other rights, powers, privileges and remedies granted to a secured party upon
default under the California Uniform Commercial Code or otherwise provided by law, including
without limitation, the right (a) to contact all persons obligated to Debtor on any Collateral or
Proceeds and to instruct such persons to deliver all Collateral and/or Proceeds directly to Bank,
and (b) to sell, lease, license or otherwise dispose of any or all Collateral. All rights, powers,
privileges and remedies of Bank shall be cumulative. No delay, failure or discontinuance of Bank
in exercising any right, power, privilege or remedy hereunder shall affect or operate as a waiver
of such right, power, privilege or remedy; nor shall any single or partial exercise of any such
right, power, privilege or remedy preclude, waive or otherwise affect any other or further exercise
thereof or the exercise of any other right, power, privilege or remedy. Any waiver, permit,
consent or approval of any kind by Bank of any default hereunder, or any such waiver of any
provisions or conditions hereof, must be in writing and shall be effective only to the extent set
forth in writing. It is agreed that public or private sales or other dispositions, for cash or on
credit, to a wholesaler or retailer or investor, or user of property of the types subject to this
Agreement, or public auctions, are all commercially reasonable since differences in the prices
generally realized in the different kinds of dispositions are ordinarily offset by the differences
in the costs and credit risks of such dispositions. While an Event of Default exists and is
continuing: (a) Debtor will deliver to Bank from time to time, as requested by Bank, current lists
of all Collateral and Proceeds; (b) Debtor will not dispose of any Collateral or Proceeds except on
terms approved by Bank; (c) Bank may, at any time and at Bank’s sole option, liquidate any time
deposits pledged to Bank hereunder and apply the Proceeds thereof to payment of the Indebtedness,
whether or not said time deposits have matured and notwithstanding the fact that such liquidation
may give rise to penalties for early withdrawal of funds; and (d) at Bank’s request, Debtor will
assemble and deliver all Collateral and Proceeds, and books and records pertaining thereto, to Bank
at a reasonably convenient place designated by Bank. Debtor further agrees that Bank shall have no
obligation to process or prepare any Collateral for sale or other disposition.

11. DISPOSITION OF COLLATERAL AND PROCEEDS; TRANSFER OF INDEBTEDNESS. In disposing of
Collateral hereunder, Bank may disclaim all warranties of title, possession, quiet enjoyment and
the like. Any proceeds of any disposition of any Collateral or Proceeds, or any part thereof, may
be applied by Bank to the payment of expenses incurred by Bank in connection with the foregoing,
including reasonable attorneys’ fees, and the balance of such proceeds may be applied by Bank
toward the payment of the Indebtedness in such order of application as Bank may from time to time
elect. Upon the transfer of all or any part of the Indebtedness, Bank may transfer all or any part
of the Collateral or Proceeds and shall be fully discharged thereafter from all liability and
responsibility with respect to any of the foregoing so transferred, and the transferee shall be
vested with all rights and powers of Bank hereunder with respect to any of the foregoing so
transferred; but with respect to any Collateral or Proceeds not so transferred Bank shall retain
all rights, powers, privileges and remedies herein given.

12. STATUTE OF LIMITATIONS. Until all Indebtedness shall have been paid in full and all
commitments by Bank to extend credit to Debtor have been terminated, the power of sale or other
disposition and all other rights, powers, privileges and remedies granted to Bank hereunder shall
continue to exist and may be exercised by Bank at any time and from time to time irrespective of
the fact that the Indebtedness or any part thereof may have become barred by any statute of
limitations, or that the personal liability of Debtor may have ceased, unless such liability shall
have ceased due to the payment in full of all Indebtedness secured hereunder.

 

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13. MISCELLANEOUS. When there is more than one Debtor named herein: (a) the word “Debtor”
shall mean all or any one or more of them as the context requires; (b) the obligations of each
Debtor hereunder are joint and several; and (c) until all Indebtedness shall have been paid in
full, no Debtor shall have any right of subrogation or contribution, and each Debtor hereby waives
any benefit of or right to participate in any of the Collateral or Proceeds or any other security
now or hereafter held by Bank. Debtor hereby waives any right to require Bank to (i) proceed
against Debtor or any other person, (ii) marshal assets or proceed against or exhaust any security
from Debtor or any other person, (iii) perform any obligation of Debtor with respect to any
Collateral or Proceeds, and (d) make any presentment or demand, or give any notice of nonpayment or
nonperformance, protest, notice of protest or notice of dishonor hereunder or in connection with
any Collateral or Proceeds. Debtor further waives any right to direct the application of payments
or security for any Indebtedness of Debtor or indebtedness of customers of Debtor.

14. NOTICES. All notices, requests and demands required under this Agreement must be in
writing, addressed to Bank at the address specified in any other loan documents entered into
between Debtor and Bank and to Debtor at the address of its chief executive office (or principal
residence, if applicable) specified below or to such other address as any party may designate by
written notice to each other party, and shall be deemed to have been given or made as follows: (a)
if personally delivered, upon delivery; (b) if sent by mail, upon the earlier of the date of
receipt or three (3) days after deposit in the U.S. mail, first class and postage prepaid; and (c)
if sent by telecopy or electronic mail, upon receipt.

15. COSTS, EXPENSES AND ATTORNEYS’ FEES. Debtor shall pay to Bank immediately upon demand the
full amount of all payments, advances, charges, costs and expenses, including reasonable attorneys’
fees (to include outside counsel fees and all allocated costs of Bank’s in-house counsel), expended
or incurred by Bank in connection with (a) the perfection and preservation of the Collateral or
Bank’s interest therein, and (b) the realization, enforcement and exercise of any right, power,
privilege or remedy conferred by this Agreement, whether incurred at the trial or appellate level,
in an arbitration proceeding or otherwise, and including any of the foregoing incurred in
connection with any bankruptcy proceeding (including without limitation, any adversary proceeding,
contested matter or motion brought by Bank or any other person) relating to Debtor or in any way
affecting any of the Collateral or Bank’s ability to exercise any of its rights or remedies with
respect thereto. Notwithstanding the above, Debtor shall not be required to reimburse Bank
expenses to document and negotiate this Agreement, the Deposit Account Control Agreement and
Intercreditor Agreement with Silicon Valley Bank and related documents and search and filing fees
in excess of $7,500. All of the foregoing shall be paid by Debtor with interest from the date of
demand until paid in full at a rate per annum equal to the greater of ten percent (10%) or Bank’s
Prime Rate in effect from time to time.

16. SUCCESSORS; ASSIGNS; AMENDMENT. This Agreement shall be binding upon and inure to the
benefit of the heirs, executors, administrators, legal representatives, successors and assigns of
the parties, and may be amended or modified only in writing signed by Bank and Debtor.

17. OBLIGATIONS OF MARRIED PERSONS. Any married person who signs this Agreement as Debtor
hereby expressly agrees that recourse may be had against his or her separate property for all his
or her Indebtedness to Bank secured by the Collateral and Proceeds under this Agreement.

 

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18. SEVERABILITY OF PROVISIONS. If any provision of this Agreement shall be held to be
prohibited by or invalid under applicable law, such provision shall be ineffective only to the
extent of such prohibition or invalidity, without invalidating the remainder of such provision or
any remaining provisions of this Agreement.

19. GOVERNING LAW. This Agreement shall be governed by and construed in accordance with the
laws of the State of California.

Debtor warrants that Debtor is an organization registered under the laws of Delaware.

Debtor warrants that its chief executive office (or principal residence, if applicable) is
located at the following address: 370 Convention Way, Redwood City CA 94063.

IN WITNESS WHEREOF, this Agreement has been duly executed as of April 15, 2010.

LENDINGCLUB CORPORATION

	 	 	 	 	 
	By: 

	/s/ Renaud Laplanche	 	 
	 
	Name: 	 	 	 
	 

	 	 

	 	 
	 
	Its: 	 	 	 
	 

	 	 

	 	 

 

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Exhibit A

LendingClub Corporation Private Placement Notes Amortization Schedule

(Attached)

 

-8-

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