Document:

Exhibit

Exhibit 10.3

AMENDMENT NO. 4 TO THE
CREDIT AGREEMENT

This AMENDMENT NO. 4 TO THE CREDIT AGREEMENT (this “Amendment”) dated as of July 15, 2020, is entered into by and among LOAN ASSETS OF ONDECK, LLC, a Delaware limited liability company (“Company”), the Lenders party hereto and 20 GATES MANAGEMENT LLC, as Administrative Agent for the Class A Lenders (in such capacity, the “Administrative Agent”).
RECITALS:
WHEREAS, Company, the Lenders party thereto from time to time, the Administrative Agent, and Deutsche Bank Trust Company Americas, as Paying Agent and as Collateral Agent for the Secured Parties, entered into a Credit Agreement, dated as of April 13, 2018, as amended by Amendment No. 1 to the Credit Agreement, dated as of September 5, 2018, as further amended by Amendment No. 2 to the Credit Agreement, dated as of February 8, 2019 and as further amended by Amendment No. 3 to the Credit Agreement, dated as of April 27, 2020  (as may be further amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”) pursuant to which the Lenders have made advances and other financial accommodations to Company. Capitalized terms not otherwise defined in this Amendment have the same meanings as specified in the Credit Agreement, as amended hereby;
WHEREAS, Company, the Lender party hereto and the Administrative Agent, desire to amend the Credit Agreement as set forth herein subject to the terms and conditions set forth herein.
WHEREAS, the Lender party hereto is the sole Class A Lender party to the Credit Agreement as of the Third Amendment Effective Date (as defined below) and constitutes the Lender consent required to amend the Credit Agreement as set forth herein in accordance with Section 9.4 of the Credit Agreement.
NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein contained, the parties hereto agree as follows:
SECTION 1.AMENDMENTS TO THE CREDIT AGREEMENT
The Credit Agreement is, effective as of the Fourth Amendment Effective Date and subject to the satisfaction of the conditions precedent set forth in Section 3.1 hereof, hereby amended as follows:

1.1    Section 1.1 of the Credit Agreement.  
The following new definitions are hereby added to Section 1.1 of the Credit Agreement in the appropriate alphabetical order:

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Exhibit 10.3 

“Fourth Amendment” means that certain Amendment No. 4 to Credit Agreement, dated as of July 15, 2020, by and among the Company, the Lenders party thereto and the Administrative Agent.
“Fourth Amendment Effective Date” has the meaning set forth in the Fourth Amendment.
The definition of “Amendment Period” as set forth in Section 1.1 of the Credit Agreement is amended and restated in its entirety as follows:  
“Amendment Period” means the period beginning on the Third Amendment Effective Date and ending on August 18, 2020.
SECTION 2.    REPRESENTATIONS AND WARRANTIES
In order to induce the Administrative Agent and the Lender party hereto to enter into this Amendment, Company represents and warrants to the Administrative Agent and the Lender, on the Fourth Amendment Effective Date, that the following statements are true and correct, it being understood and agreed that the representations and warranties made on the Fourth Amendment Effective Date are deemed to be made concurrently with the consummation of the transactions contemplated hereby:
2.1    Due Authorization. The execution, delivery and performance of this Amendment have been duly authorized by all necessary action on the part of Company.
2.2    Binding Obligation. This Amendment has been duly executed and delivered by the Company and is the legally valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’ rights generally or by equitable principles relating to enforceability.
2.3    Incorporation of Representations and Warranties from Credit Agreement. The representations and warranties contained in Section 4 of the Credit Agreement are true and correct in all material respects on and as of the Fourth Amendment Effective Date (as defined below) as though made on and as of that date, except to the extent such representations and warranties specifically relate to an earlier date, in which case they were true and correct in all material respects on and as of such earlier date; provided that, in each case, such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof.

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Exhibit 10.3 

2.4    Absence of Default.  No event has occurred and is continuing or will result from the consummation of this Amendment that would constitute a Default, an Event of Default or a Servicer Default.
SECTION 3.    MISCELLANEOUS
3.1    Conditions of Effectiveness. This Amendment shall become effective as of the date (such date, the “Fourth Amendment Effective Date”) on which the Administrative Agent has received counterparts of this Amendment executed by Company, the Lender party hereto constituting Lender consent required pursuant to Section 9.4 of the Credit Agreement (including, for the avoidance of doubt, the Requisite Lenders in accordance with Section 9.4(a) of the Credit Agreement) and the Administrative Agent.
3.2    Reference to and Effect on the Credit Agreement and the Other Credit Documents. 
(a)    On and after the Fourth Amendment Effective Date, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Credit Agreement, and each reference in the Credit Documents and the Related Agreements to “the Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement, as amended by this Amendment.  This Amendment is hereby designated as a Credit Document for all purposes of the Credit Documents.
(b)    Except as expressly set forth herein, no other amendments, changes or modifications to the Credit Agreement and each other Credit Document are intended or implied, and in all other respects the Credit Agreement and each other Credit Document are and shall continue to be in full force and effect and are hereby in all respects specifically ratified, restated and confirmed by all parties hereto as of the Fourth Amendment Effective Date and Company shall not be entitled to any other further amendment by virtue of the provisions of this Amendment or with respect to the subject matter of this Amendment. To the extent of conflict between the terms of this Amendment and the other Credit Documents, the terms of this Amendment shall control. The Credit Agreement and this Amendment shall be read and construed as one agreement.
(c)    The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender, the Administrative Agent, the Collateral Agent or the Paying Agent under the Credit Agreement, nor constitute a waiver of any provision of the Credit Agreement.
3.3    Binding Effect. This Amendment shall be binding upon and inure to the benefit of each of the parties hereto and their respective successors and assigns.

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Exhibit 10.3 

3.4    Governing Law. This Amendment and the rights and obligations of the parties hereunder shall be governed by, and shall be construed and enforced in accordance with, the laws of the State of New York.
3.5    Execution in Counterparts. This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument. Delivery of an executed counterpart of a signature page of this Amendment by fax or other electronic imaging means shall be effective as delivery of a manually executed counterpart of this Amendment.
3.6    Headings. Section headings herein are included herein for convenience of reference only and shall not constitute a part hereof for any other purpose or be given any substantive effect.
IN WITNESS THEREOF, the parties hereto have caused this Amendment No. 4 to Credit Agreement to be executed by their respective officers thereunto duly authorized, as of the date first above written.
LOAN ASSETS OF ONDECK, LLC, as Company
By:    /s/ Kenneth A. Brause
Name: Kenneth A. Brause
Title:  Chief Financial Officer 

20 GATES MANAGEMENT LLC, as Administrative Agent 
By:    /s/ Mark Golombeck
Name: Mark Golombeck
Title: Managing Director

PIONEERS GATE LLC, as the sole Class A Lender

By:    /s/ Mark Golombeck
Name:  Mark Golombeck
Title:  Managing Director

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Exhibit 10.4

Truist Bank, as Administrative Agent and 
The Lenders Party to the Credit Agreement (as defined below)
Mail Code GA-ATL-3950
3333 Peachtree Road, NE
Atlanta, GA 30326
Attention:  Amanda Parks
Amanda.Parks@suntrust.com
Fax: (404) 926-5100

Re:    Extension of Limited Consent

Effective as of July 14, 2020

Ladies and Gentlemen:

Reference is hereby made to (i) that certain Credit Agreement dated as of January 28, 2019 (as the same has been and may hereafter be amended, restated, supplemented or otherwise modified prior to the date hereof, the “Credit Agreement”) by and among ON DECK CAPITAL, INC., a Delaware corporation, as the Company, TRUIST BANK (as successor to SUNTRUST BANK), as administrative agent for the “Revolving Lenders” party to the Credit Agreement (in such capacity, “Administrative Agent”) and each of the Lenders from time to time party thereto and (ii) that certain Limited Consent dated as of June 23, 2020 (as the same may hereafter be amended or otherwise modified prior to the date hereof, the “June Limited Consent”) by and among the Company, the Lenders and the Administrative Agent.  Capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the June Limited Consent or, if not defined therein, the Credit Agreement.

Pursuant to the terms of the June Limited Consent, the Administrative Agent and the Lenders consented to the Payout Period Percentage Increase not being effective until the Extended Date.  The Company requests, and the Administrative Agent and Lenders hereby consent, acknowledge and agree that, notwithstanding anything to the contrary contained in the Credit Agreement or the other Credit Documents (including the June Limited Consent), (i) the Extended Date shall be extended from July 14, 2020 until July 31, 2020 and (ii) as a result of the further extension of the Extended Date, the amount payable on July 17, 2020 pursuant to Section 2.6 of the Credit Agreement and after giving effect to the application of the Paydown Amount pursuant to the June Limited Consent shall be $8,125,000 (which is an amount equal to (A) the aggregate principal amount of the Revolving Loans on the Payout Period Start Date times 12.5% (the applicable Payout Period Percentage without giving effect to the Payout Period Percentage Increase) minus (B) $5,000,000 (the Paydown Amount))(such amount, the “July Paydown Amount”).  Further, notwithstanding the foregoing, unless the Extended Date is further extended in writing by the parties hereto after the date hereof or the Company, the Administrative Agent and the Lenders agree (in their respective sole discretions) to effect an amendment of the Credit Agreement on or prior to July 31, 2020, the Company shall pay to the Administrative Agent for the benefit of the Lenders on or before July 31, 2020 an amount equal to $7,875,000 (which is an amount equal to (A) the aggregate principal 

Exhibit 10.4

amount of the Revolving Loans on the Payout Period Start Date times 20% (the applicable Payout Period Percentage after giving effect to the Payout Period Percentage Increase) minus (B) the Paydown Amount minus (C) the July Paydown Amount) (such amount, the “Percentage Increase Amount”).  The Company’s failure to pay the Percentage Increase Amount on or prior to such date shall be an immediate Event of Default under and as defined in the Credit Agreement.  
    
This Extension of Limited Consent is a limited consent and (i) shall only be relied upon and used for the specific purpose set forth herein, (ii) shall not constitute nor be deemed to constitute (a) a waiver of any Default or Event of Default or (b) except as expressly set forth herein, a waiver or amendment of any term or condition of the Credit Agreement and the other Credit Documents (without limitation of the forgoing, for the avoidance of doubt, this Extension of Limited Consent does not waive or impact the occurrence of the Payout Period Start Date (or any effect under the Credit Agreement resulting from the occurrence thereof), the continued effect of the May APPE and the June APPE (with the exception of the amount payable on July 17, 2020, as a result of an Asset Performance Payout Event (Level 2) as expressly set forth herein) or the requirement under the Credit Agreement to pay the Revolving Loans in the amount required under Section 2.6 (as expressly modified by this Extension of Limited Consent) when due), (iii) shall not constitute nor be deemed to constitute a consent by Administrative Agent or any Lender to anything other than as expressly set forth herein, and (iv) shall not constitute a custom or course of dealing among the parties hereto.  Except as otherwise expressly provided herein, the Credit Agreement and each of the other Credit Documents shall remain in full force and effect in accordance with their respective terms.  Except as specifically set forth herein, Administrative Agent and the Lenders reserve all of their respective rights and remedies under the Credit Agreement and the Credit Documents.

In consideration of the Extension of Limited Consent granted hereunder (and as a condition to the effectiveness hereof), (a) Company hereby represents and warrants to Administrative Agent and the Lenders that (i) no Default or Event of Default has occurred and is continuing as of the date hereof, (ii) the representations and warranties made by the Company contained in the Credit Documents are true and correct in all material respects (without duplication of any materiality qualifier contained therein) as of the date hereof, except to the extent such representation and warranty expressly relates to an earlier date (in which case, such representations and warranties were true and correct in all material respects as of such earlier date), (iii) the execution, delivery and performance by the Company of this letter agreement, have been duly authorized by all necessary corporate action and (iv) this letter agreement constitutes the legal, valid and binding obligation of the Company, enforceable against the Company in accordance with their respective terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or other laws affecting, creditors’ rights generally and the effects of general principles of equity, (b) substantially concurrently with the consummation of this Extension of Limited Consent (and, in any event, not later than July 16, 2020), the Company shall pay to the Administrative Agent on behalf of the Lenders, the July Paydown Amount (and any interest owing (or would be owing) as of July 17, 2020 with respect to such principal amount) which amount shall be distributed in accordance with Section 2.12(c) of the Credit Agreement and shall permanently reduce the outstanding amount of the Revolving Credit Commitment of each Revolving Lender in accordance with their Pro Rata Share as set forth in Section 2.9 (the three Business Day prior written notice being hereby waived) and (c) agrees to pay the Percentage Increase Amount on or before July 31, 2020, to the extent 

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Exhibit 10.4

payable in accordance with the terms of this Extension of Limited Consent.  For the avoidance of doubt, the parties hereby agree that (x) the Paydown Amount (which was prepaid substantially concurrent with the June Limited Consent) was applied to reduce the amount of the payment due by the Company on the Interest Payment Date occurring on July 17, 2020 and (y) the July Paydown Amount to be paid substantially concurrently with the consummation of this Extension of Limited Consent shall satisfy the amount due and owing under Section 2.6 of the Credit Agreement on July 17, 2020 (except as provided in the immediately following paragraph).   

The Company further agrees that within five Business Days of receipt (or such longer period as the Administrative Agent may agree), the Company will pay to the Administrative Agent all fees and expenses of the Administrative Agent invoiced in connection herewith including legal and consulting fees and expenses so invoiced.  In addition to any rights and remedies under the Credit Documents, if such amounts are not received by the Administrative Agent on or prior to such date, this Extension of Limited Consent shall terminate on such date and the Payout Period Percentage Increase shall be effective, and the Percentage Increase Amount  shall be payable, immediately. 

This letter agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original, but all of which counterparts together shall constitute one and the same instrument.  Signature pages to this letter agreement may be detached from multiple separate counterparts and attached to the same document and a telecopy or pdf of any such executed signature page shall be valid as an original.  This letter agreement shall become effective upon the execution of a counterpart hereof by each of the parties hereto.

This letter agreement constitutes a Credit Document and shall be a contract made under and governed by, and shall be construed and enforced in accordance with, the laws of the state of New York.  

Each of the undersigned has caused this letter agreement to be duly executed and delivered as of the date first above written.

	
			
	 
	ON DECK CAPITAL, INC., 
as Company 
 
By:   /s/ Kenneth A. Brause 
Name:  Kenneth A. Brause
Title:  Chief Financial Officer
	 

	 
	

TRUIST BANK, 
as Administrative Agent 
 
By:   /s/ Amanda Parks 
Name:  Amanda Parks
Title:  Senior Vice President
	 

	 
	

TRUIST BANK, 
as a Lender 
 
By:   /s/ Amanda Parks 
Name:  Amanda Parks
Title:   Senior Vice President

	 
	

SILICON VALLEY BANK, 
as a Lender 

By:   /s/ John Lapides
Name:  John Lapides
Title:  Vice President

	 
	

FIFTH THIRD BANK, NATIONAL ASSOCIATION,
as a Lender 

By:   /s/ Lise Hinton
Name: Lise Hinton
Title:  Senior Vice President

	 
	REGIONS BANK,
as a Lender 

By:   /s/ William Soo
Name:  William Soo
Title:   Director

CONGRESSIONAL BANK,
as a Lender 

By:   /s/ James H. Peterson
Name:  James H. Peterson
Title:  Executive Vice President & Chief Credit Officer

BANCALLIANCE INC., 
as a Lender 

BY: ALLIANCE PARTNERS LLC, ITS ATTORNEY-IN-FACT

By:   /s/ John Gray
Name:  John Gray
Title:   Executive Vice President

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