Document:

Exhibit

SECOND AMENDMENT TO 
SERVICES AGREEMENT

THIS SECOND AMENDMENT TO SERVICES AGREEMENT (this “Amendment”) is entered into as of October 9, 2017 to be effective as of October 1, 2017 by and between NCP FINANCE OHIO, LLC, an Ohio limited liability company (“Lender”), and ELEVATE CREDIT SERVICE, LLC, a Delaware limited liability company (the “Provider”), under the following circumstances:

WHEREAS, Lender and the Provider are parties to the Services Agreement dated as of July 15, 2015, as amended by the Amendment to Services Agreement dated as of November 22, 2016 (the “Original Agreement”).

WHEREAS, the Provider is an affiliate to Rise Credit Service of Ohio, LLC, a Texas limited liability company (“Rise Ohio”), and Rise Credit Service of Texas, LLC, a Texas limited liability company (“Rise Texas”).

WHEREAS, NCP Finance Limited Partnership, an Ohio limited partnership (“NCP Texas”), is an affiliate to Lender.

WHEREAS, the parties desire to amend certain provisions of the Original Agreement in accordance herewith.

NOW, THEREFORE, in consideration of the mutual promises set forth in this Agreement and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, NCP and the Provider agree as follows:

1.Any capitalized words used in this Amendment but not defined shall have the meanings as set forth in the Original Agreement.

2.Section 2 of the Original Agreement is hereby amended and restated in its entirety as follows:

Section 2. Compensation

(a)    Service Fee. Lender shall pay a base annual fee of [****] payable in quarterly payments of [****], which commence with the quarter commencing October 1, 2017 and will be due on [****] (the “Service Fee”). The Service Fee shall increase, not a on a retroactive basis, but a prospective basis based upon changes in the outstanding portfolio balance of loans calculated on a trailing 12 month rolling average basis on a quarterly basis to Ohio customers of Rise Ohio as follows:

Ohio Portfolio Balance
Average Millions        Annual Fee        Quarterly Fee
        

[****] = “CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.”

[****]                [****]            [****]

For the avoidance of doubt, if one of the above ranges are achieved on a rolling 12-month basis in a quarter, the servicing amount payable for that quarter will not change, and the new quarterly fee shall not be due until completion of the first calendar quarter following reaching that range (as an example, if a new pricing range is reached during the quarter ending September 30, the new pricing will be applied to the quarter beginning October 1, but would not be payable at that pricing until January 15).  All quarterly payments shall be due on the 15th of the month following the completion of the calendar quarter.

If any of the foregoing occur:  [****], Lender shall be entitled to renegotiate a reduction in the Service Fee, which will be reduced by, at a minimum, [****] per year. 

i.    Rise Ohio shall provide to Lender and Rise Texas shall provide to NCP Texas on a quarterly basis within five days of completion of each calendar quarter quarterly reports evidencing the total principal amount of all CSO model loans referred to lenders in Ohio and Texas, together with the total principal amount of all such loans referred solely to Lender and NCP Texas.

ii.    Rise Ohio and Rise Texas shall use its best efforts to provide that [****] of all customers referred to NCP Ohio and NCP Texas shall be Ohio customers (which is an approximation of the current relative balances of Ohio and Texas customers).

(b)    Past fees.  Lender will pay to Provider an additional amount for past services under the Original Agreement equal to [****], which is payable in [****]equal monthly installments of [****], with the first installment due on [****].

(c)    Marketing Fee. Lender shall pay an annual fee of [****] to the Provider for marketing services performed by the Provider for the Ohio loan program, commencing October 1, 2017 and due annually on the anniversary of this date, or such other date as Lender and the Provider shall agree in writing from time-to-time.  Such marketing services shall include the dissemination and creation of advertisements for Lender’s loans, including, without limitation, digital marketing, social media markets, television, radio, mail and email, all of which must be approved by Lender prior to the Provider disseminating such marketing.

3.This Amendment may be executed in any number of counterparts, each when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement. Any signature page to this Amendment containing a manual signature may be delivered by facsimile transmission or other electronic communication device capable of transmitting or creating a printable written record, and when so delivered shall have the effect of delivery of an original manually signed signature page.

4.Except as modified by this Amendment, the Original Agreement remains in full force and effect and has not otherwise been altered, revised or modified and is hereby ratified and confirmed in all respects.

[SIGNATURE PAGE TO FOLLOW.]

[****] = “CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.”

IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first written above.

NCP FINANCE OHIO, LLC

By: /s/ Christopher Henn                
Its: CFO                        

ELEVATE CREDIT SERVICE, LLC

By:/s/ Christopher Lutes                
Its: CFO                        

[****] = “CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.”Exhibit

AMENDMENT TO SPECIAL LIMITED AGENCY AGREEMENT
THIS AMENDMENT TO SPECIAL LIMITED AGENCY AGREEMENT, dated as of September 30, 2016 (this “Amendment”), is between First Financial Loan Company, LLC, a Delaware limited liability company (“Lender”) and Rise Credit Service of Texas, LLC, a Delaware limited liability company (“CSO”).  

RECITALS

WHEREAS, reference is made to that certain Special Limited Agency Agreement (the “Agreement”) between Lender and CSO dated June 26, 2015;
WHEREAS, the parties hereto desire to amend the Agreement as described herein;
NOW, THEREFORE, in consideration of the mutual conditions and agreements set forth in the Agreement and this Amendment, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
1.Defined Terms.  For all purposes of this Amendment, unless the context otherwise requires, all capitalized terms used herein and not otherwise defined shall have the respective meanings attributed to them in the Agreement.
2.Amendments to the Agreement.
Effective as of October 1, 2016 (the “Effective Date”): 
		
	(a)
	Section 11(c) of the Agreement is hereby amended and restated in its entirety as follows:

c.    Pledge of Credit Support for Credit Enhancement. 

CSO shall pledge and does hereby pledge to Lender that amount of cash and/or CSO Entitlements having a value equal to [****] of the total amount of principal of all Loans outstanding and originated on or after October 1, 2016 from time to time (such percentage to be modified only upon the mutual agreement of both parties) as collateral for CSO’s obligations under its Credit Enhancement.  CSO shall pledge and does hereby pledge to Lender that amount of cash and/or CSO Entitlements having a value equal to [****] of the total amount of principal of all Loans outstanding and originated prior to October 1, 2016 from time to time (such percentage to be modified only upon the mutual agreement of both parties) as collateral for CSO’s obligations under its Credit Enhancement.  Such pledge shall be in form and substance reasonably acceptable to Lender.  The term “CSO Entitlements” means any of the following: (i) all cash received in respect of the repayment of Loans that is payable to CSO by Lender but attributable to or designated as reserves retained by Lender and owed to CSO from all or a portion of the CSO Fees accrued and earned by CSO from the Loans, (ii) all rights of CSO to payment from Lender that are attributable to or designated as reserves retained by Lender and owed to CSO from all or a portion of the CSO Fees accrued and earned by CSO from the Loans, (iii) all other rights to payment, receivables or accounts owed by Lender to CSO under this Agreement, and (iv) all other accounts and general intangibles of CSO, if any, pledged by CSO in favor of Lender that have been identified by CSO and accepted by Lender as collateral pursuant to this Section 11.c. for CSO’s obligations under its Credit Enhancement.  On a [****] basis, CSO and Lender shall determine whether the amounts pledged to or held by Lender pursuant to this Section 11.c. shall equal the amount required above.  In the event of any shortfall, CSO shall promptly pledge to Lender additional cash or CSO Entitlements in an aggregate amount equal to such shortfall.  In the event of any excess and provided that CSO is not in default under any Credit Enhancement or in default under Section 18 hereof, Lender shall promptly release cash in an aggregate amount 

[****] = “CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.”

equal to such excess.  In order for Lender to have and maintain a first priority perfected security interest in the CSO Entitlements pledged to Lender pursuant to this section, CSO hereby authorizes Lender to file UCC financing statements and amendments with such governmental offices and in such jurisdictions as Lender may deem appropriate from time to time to perfect and maintain its security interests herein granted in such CSO Entitlements.  CSO hereby further agrees to undertake all actions and do all things as requested by Lender from time to time in order to perfect, protect or otherwise preserve the security interest herein granted to Lender in such CSO Entitlements.  To the extent that CSO pledges to Lender any cash pursuant to this section, then in connection with the pledge of such cash, CSO shall deposit such cash into a bank account as Lender may direct CSO in writing, which account shall be owned and subject to the exclusive control by Lender.  In lieu of the pledge required hereby, CSO may provide Lender with a letter of credit issued by a third party or other security having a value equal to the amount of CSO Entitlements to be pledged reasonably acceptable to Lender.
3.Reference to and Effect on the Agreement.
(a)The Agreement, as amended hereby, and all other documents, instruments and agreements executed and/or delivered in connection therewith, shall remain in full force and effect, and are hereby ratified and confirmed. 
(b)Except as expressly provided herein, the execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of any party, nor constitute a waiver of any provision of the Agreement or any other documents, instruments and agreements executed and/or delivered in connection therewith.
4.GOVERNING LAW.  THIS AMENDMENT SHALL BE CREATED UNDER AND GOVERNED BY AND CONSTRUED UNDER THE INTERNAL LAWS OF THE STATE OF TEXAS, WITHOUT REGARD TO ANY OTHERWISE APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS.
5.Counterparts.  This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement.  Any signature page to this Amendment containing a manual signature may be delivered by facsimile transmission or other electronic communication device capable of transmitting or creating a printable written record, and when so delivered shall have the effect of delivery of an original manually signed signature page.
6.Severability.  The failure or unenforceability of any provision hereof shall not affect the other provisions of this Amendment.  Whenever possible each provision of this Amendment shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Amendment shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Amendment.
IN WITNESS WHEREOF, this Amendment has been executed by the parties hereto as of the date first above written.

[****] = “CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.”

LENDER:
First Financial Loan Company, LLC
		
	By:
	/s/ C. Dan Adams    

Name: C. Dan Adams
Title: President
CSO:

Rise Credit Service of Texas, LLC
		
	By:
	/s/ Jason Harvison    

Name: Jason Harvison
Title:

[****] = “CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.”

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