Document:

Exhibit 4.5

Exhibit 4.5

SECOND SUPPLEMENTAL INDENTURE

THIS SECOND SUPPLEMENTAL INDENTURE (this “Second Supplemental Indenture”) is made as
of May 5, 2010, by and between LendingClub Corporation, a Delaware corporation (the
“Company”), and Wells Fargo Bank, National Association, a national banking association
incorporated and existing under the laws of the United States of America, as trustee (the
“Trustee”).

WHEREAS, the Company and the Trustee heretofore executed and delivered an Indenture dated as
of October 10, 2008 (the “Indenture”); and

WHEREAS, the Company and the Trustee heretofore executed and delivered a First Supplemental
Indenture dated as of July 10, 2009 (the “First Supplemental Indenture”); and

WHEREAS, pursuant to the Indenture as supplemented by the First Supplemental Indenture, the
Company has issued from time to time the Company’s special limited obligations referred to as
Member Payment Dependent Notes (the “Securities”); and

WHEREAS, Section 8.1 of the Indenture provides that, without the consent of any Holders of
Securities, the Company and the Trustee, at any time and from time to time, may enter into one or
more indentures supplemental to the Indenture in form satisfactory to the Trustee, to the extent
set forth therein; and

WHEREAS, all conditions necessary to authorize the execution and delivery of this Second
Supplemental Indenture and to make this Second Supplemental Indenture valid and binding have been
complied with or have been done or performed;

NOW, THEREFORE, in consideration of the foregoing and notwithstanding any provision of the
Indenture as supplemented by the First Supplemental Indenture which, absent this Second
Supplemental Indenture, might operate to limit such action, the Company and the Trustee agree as
follows for the equal and ratable benefit of the Holders of the Securities or each series thereof:

ARTICLE 1

DEFINITIONS

Section 1.1 GENERAL. For all purposes of the Indenture, the First Supplemental Indenture and
this Second Supplemental Indenture, except as otherwise expressly provided or unless the context
otherwise requires:

A. the words “herein,” “hereof” and “hereunder” and other words of similar import refer to the
Indenture, the First Supplemental Indenture and this Second Supplemental Indenture as a whole and
not to any particular Article, Section or subdivision; and

 

 

B. capitalized terms used but not defined herein shall have the meanings assigned to them in
the Indenture.

ARTICLE 2

AMENDMENT

Section 2.1 AMENDMENT TO SECTION 2.1 OF THE INDENTURE. Section 2.1 of the Indenture is hereby
amended and restated in its entirety as follows:

Section 2.1 FORMS GENERALLY. The Securities of each series and the certificate
of authentication in respect thereof shall be in substantially the forms set forth
on Exhibit A or Exhibit B as shall be established by delivery to the
Trustee of a Company Order, in each case with such appropriate insertions,
omissions, substitutions and other variations as are required or permitted by this
Indenture, and may have such letters, numbers or other marks of identification and
such legends or endorsements placed thereon as may, consistently herewith, be
determined by the Officers executing such Securities as evidenced by their execution
of the Securities. The Securities shall be in fully registered form only and shall
be printed, lithographed, engraved, word processed or evidenced in electronic form
or produced by any combination of these methods or may be produced in any other
manner, all as determined by the Officers executing such Securities as evidenced by
their execution of such Securities.

Section 2.2 AMENDMENT TO THE EXHIBIT(S) TO THE INDENTURE. The exhibit to the Indenture is
hereby amended and restated in its entirety in the forms of Exhibit A and Exhibit
B, respectively, attached hereto.

ARTICLE 3

MISCELLANEOUS

Section 3.1 EFFECTIVENESS. This Second Supplemental Indenture shall become effective upon its
execution and delivery by the Company and the Trustee. Upon the execution and delivery of this
Second Supplemental Indenture by the Company and the Trustee, the Indenture as supplemented by the
First Supplemental Indenture shall be supplemented in accordance herewith, and this Second
Supplemental Indenture shall form a part of the Indenture as supplemented by the First Supplemental
Indenture for all purposes, and every Holder of Securities heretofore or hereafter authenticated
and delivered under the Indenture shall be bound hereby.

Section 3.2 INDENTURE REMAINS IN FULL FORCE AND EFFECT. Except as supplemented hereby and
pursuant to the First Supplemental Indenture, all provisions in the Indenture shall remain in full
force and effect. For the avoidance of doubt, the parties confirm that the amendments evidenced by
this Second Supplemental Indenture are not intended by the parties to (i) discharge, rescind,
cancel or extinguish all or any part of the indebtedness represented by the Securities, or (ii)
effect a novation, reissuance or disposition of the
indebtedness represented by the Securities or to create new indebtedness in respect of the
indebtedness represented by the Securities.

 

2

 

Section 3.3 INDENTURE, FIRST SUPPLEMENTAL INDENTURE AND SECOND SUPPLEMENTAL INDENTURE
CONSTRUED TOGETHER. This Second Supplemental Indenture is an indenture supplemental to the
Indenture, and the Indenture, the First Supplemental Indenture and this Second Supplemental
Indenture shall henceforth be read and construed together. From and after the effectiveness of
this Second Supplemental Indenture, all references to the Indenture in the Indenture and the
Securities shall refer to the Indenture as supplemented by the First Supplemental Indenture and
this Second Supplemental Indenture.

Section 3.4 CONFIRMATION AND PRESERVATION OF INDENTURE. The Indenture as supplemented by the
First Supplemental Indenture and this Second Supplemental Indenture is in all respects confirmed
and preserved.

Section 3.5 CONFLICT WITH TRUST INDENTURE ACT. If any provision of this Second Supplemental
Indenture limits, qualifies or conflicts with any provision of this Trust Indenture Act of 1939, as
amended (the “Trust Indenture Act”), that is required under the Trust Indenture Act to be part of
and govern any provision of this Second Supplemental Indenture, the provision of the Trust
Indenture Act shall control. If any provision of this Second Supplemental Indenture modifies or
excludes any provision of this Trust Indenture Act that may be so modified or excluded, the
provision of this Trust Indenture Act shall be deemed to apply to the Indenture as so modified or
to be excluded by this Second Supplemental Indenture, as the case may be.

Section 3.6 SEVERABILITY. In case any provision in this Second Supplemental Indenture shall
be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby.

Section 3.7 HEADINGS. The Article and Section headings of this Second Supplemental Indenture
have been inserted for convenience of reference only, are not to be considered a part of this
Second Supplemental Indenture and shall in no way modify or restrict any of the terms or provisions
hereof.

Section 3.8 BENEFITS OF SECOND SUPPLEMENTAL INDENTURE, ETC. Nothing in this Second
Supplemental Indenture or the Securities, express or implied, shall give to any person, other than
the parties hereto and thereto and their successors hereunder and thereunder and the Holders of the
Securities, any benefit of any legal or equitable right, remedy or claim under the Indenture, this
Second Supplemental Indenture or the Securities.

Section 3.9 SUCCESSORS. All agreements of the Company in this Second Supplemental Indenture
shall bind its successors. All agreements of the Trustee in this Second Supplemental Indenture
shall bind its successors.

Section 3.10 TRUSTEE NOT RESPONSIBLE FOR RECITALS. The recitals contained herein shall be
taken as the statements of the Company, and the Trustee assumes no responsibility for their
correctness. The Trustee shall not be liable or responsible for the validity or sufficiency of this
Second Supplemental Indenture or the due authorization of this Second Supplemental Indenture by the
Company.

 

3

 

Section 3.11 CERTAIN DUTIES AND RESPONSIBILITIES OF THE TRUSTEE. In entering into this Second
Supplemental Indenture, the Trustee shall be entitled to the benefit of every provision of this
Indenture relating to the conduct of, affecting the liability of or affording protection to the
Trustee, whether or not elsewhere herein so provided.

Section 3.12 GOVERNING LAW. THIS SECOND SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE AND
PERFORMED WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO ANY PRINCIPLE OF CONFLICTS OF LAW THAT
WOULD REQUIRE OR PERMIT THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION.

Section 3.13 COUNTERPART ORIGINALS. The parties may sign any number of copies of this Second
Supplemental Indenture. Each signed copy shall be an original, but all of them together represent
the same agreement.

Section 3.14 FURTHER ASSURANCES. The Company will, upon request by the Trustee, execute and
deliver such further instruments and do such further acts as may reasonably be necessary or proper
to carry out more effectively the purposes of this Second Supplemental Indenture.

[Remainder of Page Left Intentionally Blank]

 

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IN WITNESS WHEREOF, the undersigned, being duly authorized, have executed this Second
Supplemental Indenture on behalf of the respective parties hereto as of the date first above
written.

	 	 	 	 	 	 	 
	 	 	LENDINGCLUB CORPORATION
	 
	 	 	 	 	 	 
	 	 	By:	 	/s/ John G. Donovan
	 	 	 	 	 
	 

	 	 	 	Name:
	 	John G. Donovan
	 

	 	 	 	Title:
	 	Chief Operations Officer
	 
	 	 	 	 	 	 
	 	 	WELLS FARGO BANK, NATIONAL
	 	 	ASSOCIATION, as Trustee
	 
	 	 	 	 	 	 
	 	 	By:	 	/s/ Raymond Delli Colli
	 	 	 	 	 
	 

	 	 	 	Name:
	 	Raymond Delli Colli
	 

	 	 	 	Title:
	 	Vice President

[Signature Page to Second Supplemental Indenture]

 

 

 

EXHIBIT A

Form of Security (Three-Year Note)

FOR PURPOSES OF SECTIONS 1272, 1273 AND 1275 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, THIS
NOTE IS BEING ISSUED WITH ORIGINAL ISSUE DISCOUNT BECAUSE PAYMENTS ON THE NOTE ARE DEPENDENT ON
PAYMENTS ON THE CORRESPONDING MEMBER LOAN. THE ISSUE PRICE OF THE NOTE IS THE STATED PRINCIPAL
AMOUNT OF THIS NOTE, AND THE ISSUE DATE IS THE ORIGINAL ISSUE DATE. UPON REQUEST, THE COMPANY WILL
PROMPTLY MAKE AVAILABLE TO THE HOLDER THE AMOUNT OF OID AND YIELD TO MATURITY OF THIS NOTE. A
HOLDER SHOULD CONTACT LENDINGCLUB MEMBER SUPPORT AT 1-866-754-4094 OR tax@lendingclub.com.

ANY TRANSFER, PLEDGE OR OTHER USE OF THIS NOTE FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL unless (1) such transfer is effected on a trading system that is recognized by the
Company, and (2) this Note has been presented by the registered Holder (as defined below) to the
Company or its agent for registration of transfer.

MEMBER PAYMENT DEPENDENT NOTE SERIES NO. ________________1

LENDINGCLUB CORPORATION

			
	 	 	 
	No.                                         
	 	[CUSIP ]

HOLDER:                                          2

CORRESPONDING MEMBER LOAN:                                          3

STATED PRINCIPAL AMOUNT OF THIS NOTE: U.S. $                                         4

AGGREGATE PRINCIPAL AMOUNT OF THIS SERIES OF NOTES: U.S. $                                         5

INTEREST RATE:                                          6

SERVICE CHARGE: 1% OF ALL MEMBER LOAN NET PAYMENTS.

ORIGINAL ISSUE DATE:                                          7

 

	 	 	 
	1	 	Insert loan ID number for Corresponding Member Loan.
	 
	2	 	Insert lender member’s screen name.
	 
	3	 	Insert description of Corresponding Member Loan.
	 
	4	 	Insert principal amount of lender member’s Corresponding Member Loan.
	 
	5	 	Insert maximum aggregate principal amount of series, which should be
aggregate principal amount of Corresponding Member Loan that is being
funded by lender members.
	 
	6	 	Insert coupon stated on Corresponding Member Loan.
	 
	7	 	Insert date corresponding to date of closing of Corresponding Member Loan.

 

1

 

INITIAL MATURITY DATE:                                          8

FINAL MATURITY DATE:                                          9

EXTENSION OF MATURITY DATE: Each Note will mature on the Initial Maturity Date, unless the maturity
of the Note is extended to the Final Maturity Date subject to conditions described below. In no
event will the maturity of the Notes be extended beyond the Final Maturity Date.

PAYMENT DATES: Subject to the limitations on payment described below, the Company will make
payments of principal and interest on or before the fourth Business Day following receipt of any
Member Loan Net Payments by the Company in accordance with the payment schedule for this Note,
which is available on the Holder’s account page at www.lendingclub.com, subject to prepayment at
any time without penalty.

LendingClub Corporation, a corporation duly organized and existing under the laws of the State
of Delaware (herein called the “Company”), for value received, hereby promises to pay to
the person identified as the “Holder” above (the “Holder”), principal and interest on this
Note in U.S. dollars in an amount equal to the Holder’s equal and ratable share of the Member Loan
Net Payments on each Payment Date (in accordance with the payment schedule for this Note, which is
available on the Holder’s account page at www.lendingclub.com and subject to prepayment) until the
Initial Maturity Date or, if the maturity of the Note has been extended, until the Final Maturity
Date. For the avoidance of doubt, (1) no payments of principal and interest on this Note shall be
payable unless the Company has received Member Loan Payments, and then only to the extent of Member
Loan Net Payments in respect of those Member Loan Payments related to the Corresponding Member Loan
identified above that have been received by the Company, and (2) no Holder of the Note shall have
any recourse against the Company unless, and then only to the extent that, the Company has failed
to pay such Holder the Member Loan Net Payments or otherwise breached a covenant in the Indenture
described below that is applicable to the series of Notes of which this Note forms a part. Subject
to certain exceptions provided in the Indenture referred to below, the principal and interest
payable on any Payment Date will be paid to the person in whose name this Note is registered at the
close of business on the Record Date next preceding such Payment Date or maturity date.

“Record Date” shall mean the second Business Day immediately preceding each Interest
Payment Date.

“Business Day” shall mean each Monday, Tuesday, Wednesday, Thursday and Friday that is
not a day on which the Automated Clearing House system operated by the U.S. Federal Reserve Bank
(the “ACH System”) is closed and (2) not a day on which banking institutions are authorized
or obligated by law or executive order to close in San Francisco, California or New York, New York.

 

	 	 	 
	8	 	Insert date corresponding to stated maturity of Corresponding
Member Loan plus four Business Days.
	 
	9	 	Insert date that is the second anniversary of the stated
maturity of Corresponding Member Loan plus four Business
Days.

 

2

 

If, on the Initial Maturity Date, any principal or interest payments in respect of the
Corresponding Member Loan remain due and payable to the Company, the maturity date of this Note
will be extended to the Final Maturity Date identified above.

If, on the Final Maturity Date, no principal or interest payments in respect of the
Corresponding Member Loan remain due and payable to the Company, the Note will mature on the Final
Maturity Date and no Consumer Loan Net Payments that the Company receives in respect of the
Corresponding Consumer Loan after such Final Maturity Date shall be required to be paid to the
Holder of the Note.

All payments of principal and interest on this Note due to the Holder hereof shall be made in
U.S. dollars, in immediately available funds, by intra-institution book entry transfer to the
Holder’s designated sub-account in the trust account maintained by the Company at Wells Fargo Bank,
National Association, or such alternate account of the Holder designated by the Trustee in
accordance with the Indenture.

All U.S. dollar amounts used in or resulting from the calculation of amounts due in respect of
this Note shall be rounded to the nearest cent (with one-half cent being rounded upward).

This Note is one of a duly authorized series of special limited obligations of the Company
(hereinafter called the “Securities”) all issued or to be issued under and pursuant to an Indenture
dated as of October 10, 2008, as amended or supplemented (hereinafter called the
“Indenture”), duly executed and delivered by the Company and Wells Fargo Bank, National
Association, as trustee (hereinafter called the “Trustee”), to which Indenture and all
indentures supplemental thereto reference is hereby made for a description of the rights, duties
and immunities thereunder of the Trustee and the rights thereunder of the holders of the
Securities. The terms of the Securities include those stated in the Indenture and those made part
of the Indenture by reference to the Trust Indenture Act of 1939 (the “TIA”), as in effect
on the date of the Indenture. The Securities are subject to, and qualified by, all such terms,
certain of which are summarized hereon, and Holders are referred to the Indenture and the TIA for a
statement of such terms. As provided in the Indenture, the Securities may be issued in one or more
separate series, which different series may be issued in various aggregate principal amounts,
mature at different times, bear interest at different rates, be subject to different covenants and
events of default, and otherwise vary as provided or permitted in the Indenture.

If an Event of Default described in Section 5.1(3) or (4) of the Indenture occurs and is
continuing, the unpaid stated principal amount hereof will become and be immediately due and
payable in the manner, with the effect and subject to the conditions provided in the Indenture.

 

3

 

The Indenture contains provisions permitting the Company and the Trustee, with the consent of
the holders of not less than a majority in aggregate principal amount of each series of Securities
affected thereby, at the time Outstanding, evidenced as provided in the Indenture, to execute
supplemental indentures adding any provisions to or changing in any manner or eliminating any of
the provisions of the Indenture or of any indenture supplemental thereto or
modifying in any manner the rights of the holders of this Note; provided, however,
that no such supplemental indenture shall (1) change the Stated Maturity of the principal of, or
any installment of principal or interest on, any Security, or reduce the principal amount thereof
or the rate of interest thereon that would be due and payable upon a declaration of acceleration of
maturity thereof or change the place of payment where, or change the coin or currency in which, any
installment of principal and interest on any such Security is payable or impair the right to
institute suit for the enforcement of any such payment on or after the Stated Maturity thereof, (2)
reduce the percentage in principal amount of the Outstanding Securities, the consent of whose
Holders is required for any such amendment or supplemental indenture, or the consent of whose
Holders is required for any waiver (of compliance with certain provisions of the Indenture or
certain defaults thereunder and their consequences) with respect to the Securities, or (3) modify
any of the provisions of Section 8.2, Section 5.4 (clauses (1) and (2)) or Section 5.7 of the
Indenture, except to increase the percentage of Outstanding Securities required for such actions to
provide that certain other provisions of the Indenture cannot be modified or waived without the
consent of the Holder of each Outstanding Security affected thereby. The Indenture also contains
provisions permitting the holders of a majority in aggregate principal amount of the Securities of
all affected series at the time outstanding, on behalf of the holders of all the Securities of such
series, to waive, insofar as those series are concerned, compliance by the Company with certain
provisions of the Indenture and certain past defaults under the Indenture and their consequences.
Any such consent by the Holder of this Note (unless revoked as provided in the Indenture) shall be
conclusive and binding upon such Holder and upon all future holders and owners of this Note and any
Notes which may be issued upon the registration of transfer hereof or, irrespective of whether or
not any notation thereof is made upon this Note or other such Notes.

This Note is not entitled to any sinking fund. This Note is not redeemable at the option of
the Holder. The Company shall redeem all of the Outstanding Notes of the series of which this Note
forms a part for 100% of the outstanding principal amount of such Notes if the Corresponding Member
Loan has been obtained as a result of identity theft on the part of the purported borrower member.
The Company may, in its reasonable discretion, require proof of the identity theft , such as a copy
of the police report filed by the person whose identity was wrongfully used to obtain the
Corresponding Member Loan.

The Notes are in registered form without coupons in denominations of $25 and integral
multiples of $25 in excess thereof. The Notes may not be transferred and the transfer of Notes
shall not be registered as provided in the Indenture unless such transfer is effected on a trading
system that is recognized by the Company. Upon due presentment for registration of transfer of this
Note at the office or agency of the Company in Redwood City, California, a new Note or Notes in
authorized denominations in Dollars for an equal aggregate principal amount and like interest rate
and maturity will be issued to the transferee in exchange therefor, subject to the limitations
provided in the Indenture, without charge except for (1) any stamp tax or other governmental charge
imposed in connection therewith and (2) any transfer charges associated with the Company’s resale
platform as described on its website at www.lendingclub.com.

The Company, the Trustee, and any paying agent may deem and treat the registered Holder hereof
as the absolute owner of this Note at the Holder’s address as it appears on the
register books of the Company as kept by the Company or duly authorized agent of the Company
(whether or not this Note shall be overdue), for the purpose of receiving payment of or on account
hereof and for all other purposes, and neither the Company nor the Trustee nor any paying agent
shall be affected by any notice to the contrary. All payments made to or upon the order of such
registered Holder shall, to the extent of the sum or sums paid, effectively satisfy and discharge
liability for moneys payable on this Note.

 

4

 

No recourse under or upon any obligation, covenant or agreement contained in the Indenture or
any indenture supplemental thereto or in any Note, or because of any indebtedness evidenced
thereby, shall be had against any incorporator, or against any past, present or future shareholder,
officer or director, as such, of the Company, either directly or through the Company, under any
rule of law, statute or constitutional provision or by the enforcement of any assessment or penalty
or otherwise, all such personal liability of every such incorporator, shareholder, officer and
director, as such, being expressly waived and released by the acceptance hereof and as a condition
of and as part of the consideration for the issuance of this Note.

Unless otherwise defined herein, terms used herein which are defined in the Indenture shall
have the respective meanings assigned thereto in the Indenture. To the extent that provisions
contained in this Note are inconsistent with the provisions set forth in the Indenture, the
provisions contained herein will apply.

This Note shall be governed by and construed in accordance with the laws of the State of New
York without regard to any principle of conflict of laws that would require or permit the
application of the laws of any other jurisdiction.

This Note shall not be valid or become obligatory for any purpose until the Certificate of
Authentication hereon shall have been signed by an authorized officer of the Company or its duly
authorized agent under the Indenture referred to above.

IN WITNESS WHEREOF, LENDINGCLUB CORPORATION has caused this instrument to be signed by its
duly authorized officers.

Dated:                                         

CERTIFICATE OF AUTHENTICATION

	 	 	 	 	 	 	 
	 	 	LENDINGCLUB CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 

Dated:                                         

 

5

 

This is one of the Securities of the series of Securities designated therein referred to in the
within-mentioned Indenture.

	 	 	 	 	 
	LENDINGCLUB CORPORATION	 	 
	as Authenticating Agent	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

Name:
	 	 
	 

	 	Title:	 	 

 

6

 

EXHIBIT B

Form of Security (Five-Year Note)

FOR PURPOSES OF SECTIONS 1272, 1273 AND 1275 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, THIS
NOTE IS BEING ISSUED WITH ORIGINAL ISSUE DISCOUNT BECAUSE PAYMENTS ON THE NOTE ARE DEPENDENT ON
PAYMENTS ON THE CORRESPONDING MEMBER LOAN. THE ISSUE PRICE OF THE NOTE IS THE STATED PRINCIPAL
AMOUNT OF THIS NOTE, AND THE ISSUE DATE IS THE ORIGINAL ISSUE DATE. UPON REQUEST, THE COMPANY WILL
PROMPTLY MAKE AVAILABLE TO THE HOLDER THE AMOUNT OF OID AND YIELD TO MATURITY OF THIS NOTE. A
HOLDER SHOULD CONTACT LENDINGCLUB MEMBER SUPPORT AT 1-866-754-4094 OR tax@lendingclub.com.

ANY TRANSFER, PLEDGE OR OTHER USE OF THIS NOTE FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL unless (1) such transfer is effected on a trading system that is recognized by the
Company, and (2) this Note has been presented by the registered Holder (as defined below) to the
Company or its agent for registration of transfer.

MEMBER PAYMENT DEPENDENT NOTE SERIES NO. ________________1

LENDINGCLUB CORPORATION

			
	 	 	 
	No. _______________________
	 	[CUSIP ]

HOLDER:  _____________________ 2

CORRESPONDING
MEMBER LOAN: ____________________________ 3

STATED PRINCIPAL AMOUNT OF THIS NOTE: U.S. $_________________________ 4

AGGREGATE PRINCIPAL AMOUNT OF THIS SERIES OF NOTES: U.S. $_____________ 5

INTEREST RATE: _____________ 6

SERVICE CHARGE: 1% OF ALL MEMBER LOAN NET PAYMENTS.

ORIGINAL ISSUE DATE: _____________ 7

 

	 	 	 
	1	 	Insert loan ID number for Corresponding Member Loan.
	 
	2	 	Insert lender member’s screen name.
	 
	3	 	Insert description of Corresponding Member Loan.
	 
	4	 	Insert principal amount of lender member’s Corresponding Member Loan.
	 
	5	 	Insert maximum aggregate principal amount of series, which should be
aggregate principal amount of Corresponding Member Loan that is being
funded by lender members.
	 
	6	 	Insert coupon stated on Corresponding Member Loan.
	 
	7	 	Insert date corresponding to date of closing of Corresponding Member Loan.

 

1

 

INITIAL MATURITY DATE: _____________ 8

FINAL MATURITY DATE: _____________ 9

EXTENSION OF MATURITY DATE: Each Note will mature on the Initial Maturity Date, which will equal
the Final Maturity Date, and such date will not be extended.

PAYMENT DATES: Subject to the limitations on payment described below, the Company will make
payments of principal and interest on or before the fourth Business Day following receipt of any
Member Loan Net Payments by the Company in accordance with the payment schedule for this Note,
which is available on the Holder’s account page at www.lendingclub.com, subject to prepayment at
any time without penalty.

LendingClub Corporation, a corporation duly organized and existing under the laws of the State
of Delaware (herein called the “Company”), for value received, hereby promises to pay to
the person identified as the “Holder” above (the “Holder”), principal and interest on this
Note in U.S. dollars in an amount equal to the Holder’s equal and ratable share of the Member Loan
Net Payments on each Payment Date (in accordance with the payment schedule for this Note, which is
available on the Holder’s account page at www.lendingclub.com and subject to prepayment) until the
Initial Maturity Date or, if the maturity of the Note has been extended, until the Final Maturity
Date. For the avoidance of doubt, (1) no payments of principal and interest on this Note shall be
payable unless the Company has received Member Loan Payments, and then only to the extent of Member
Loan Net Payments in respect of those Member Loan Payments related to the Corresponding Member Loan
identified above that have been received by the Company, and (2) no Holder of the Note shall have
any recourse against the Company unless, and then only to the extent that, the Company has failed
to pay such Holder the Member Loan Net Payments or otherwise breached a covenant in the Indenture
described below that is applicable to the series of Notes of which this Note forms a part. Subject
to certain exceptions provided in the Indenture referred to below, the principal and interest
payable on any Payment Date will be paid to the person in whose name this Note is registered at the
close of business on the Record Date next preceding such Payment Date or maturity date.

“Record Date” shall mean the second Business Day immediately preceding each Interest
Payment Date.

“Business Day” shall mean each Monday, Tuesday, Wednesday, Thursday and Friday that is
not a day on which the Automated Clearing House system operated by the U.S. Federal Reserve Bank
(the “ACH System”) is closed and (2) not a day on which banking institutions are authorized
or obligated by law or executive order to close in San Francisco, California or New York, New York.

 

	 	 	 
	8	 	Insert date corresponding to stated maturity of Corresponding
Member Loan plus four Business Days.
	 
	9	 	Insert date that is the same date of the stated maturity of
Corresponding Member Loan plus four Business Days.

 

2

 

If, on the Final Maturity Date, no principal or interest payments in respect of the
Corresponding Member Loan remain due and payable to the Company, the Note will mature on the Final
Maturity Date and no Consumer Loan Net Payments that the Company receives in
respect of the Corresponding Consumer Loan after such Final Maturity Date shall be required to
be paid to the Holder of the Note.

All payments of principal and interest on this Note due to the Holder hereof shall be made in
U.S. dollars, in immediately available funds, by intra-institution book entry transfer to the
Holder’s designated sub-account in the trust account maintained by the Company at Wells Fargo Bank,
National Association, or such alternate account of the Holder designated by the Trustee in
accordance with the Indenture.

All U.S. dollar amounts used in or resulting from the calculation of amounts due in respect of
this Note shall be rounded to the nearest cent (with one-half cent being rounded upward).

This Note is one of a duly authorized series of special limited obligations of the Company
(hereinafter called the “Securities”) all issued or to be issued under and pursuant to an Indenture
dated as of October 10, 2008, as amended or supplemented (hereinafter called the
“Indenture”), duly executed and delivered by the Company and Wells Fargo Bank, National
Association, as trustee (hereinafter called the “Trustee”), to which Indenture and all
indentures supplemental thereto reference is hereby made for a description of the rights, duties
and immunities thereunder of the Trustee and the rights thereunder of the holders of the
Securities. The terms of the Securities include those stated in the Indenture and those made part
of the Indenture by reference to the Trust Indenture Act of 1939 (the “TIA”), as in effect
on the date of the Indenture. The Securities are subject to, and qualified by, all such terms,
certain of which are summarized hereon, and Holders are referred to the Indenture and the TIA for a
statement of such terms. As provided in the Indenture, the Securities may be issued in one or more
separate series, which different series may be issued in various aggregate principal amounts,
mature at different times, bear interest at different rates, be subject to different covenants and
events of default, and otherwise vary as provided or permitted in the Indenture.

If an Event of Default described in Section 5.1(3) or (4) of the Indenture occurs and is
continuing, the unpaid stated principal amount hereof will become and be immediately due and
payable in the manner, with the effect and subject to the conditions provided in the Indenture.

 

3

 

The Indenture contains provisions permitting the Company and the Trustee, with the consent of
the holders of not less than a majority in aggregate principal amount of each series of Securities
affected thereby, at the time Outstanding, evidenced as provided in the Indenture, to execute
supplemental indentures adding any provisions to or changing in any manner or eliminating any of
the provisions of the Indenture or of any indenture supplemental thereto or
modifying in any manner the rights of the holders of this Note; provided, however,
that no such supplemental indenture shall (1) change the Stated Maturity of the principal of, or
any installment of principal or interest on, any Security, or reduce the principal amount thereof
or the rate of interest thereon that would be due and payable upon a declaration of acceleration of
maturity thereof or change the place of payment where, or change the coin or currency in which, any
installment of principal and interest on any such Security is payable or impair the right to
institute suit for the enforcement of any such payment on or after the Stated Maturity thereof, (2)
reduce the percentage in principal amount of the Outstanding Securities, the consent of whose
Holders is required for any such amendment or supplemental indenture, or the consent of whose
Holders is required for any waiver (of compliance with certain provisions of the Indenture or
certain defaults thereunder and their consequences) with respect to the Securities, or (3) modify
any of the provisions of Section 8.2, Section 5.4 (clauses (1) and (2)) or Section 5.7 of the
Indenture, except to increase the percentage of Outstanding Securities required for such actions to
provide that certain other provisions of the Indenture cannot be modified or waived without the
consent of the Holder of each Outstanding Security affected thereby. The Indenture also contains
provisions permitting the holders of a majority in aggregate principal amount of the Securities of
all affected series at the time outstanding, on behalf of the holders of all the Securities of such
series, to waive, insofar as those series are concerned, compliance by the Company with certain
provisions of the Indenture and certain past defaults under the Indenture and their consequences.
Any such consent by the Holder of this Note (unless revoked as provided in the Indenture) shall be
conclusive and binding upon such Holder and upon all future holders and owners of this Note and any
Notes which may be issued upon the registration of transfer hereof or, irrespective of whether or
not any notation thereof is made upon this Note or other such Notes.

This Note is not entitled to any sinking fund. This Note is not redeemable at the option of
the Holder. The Company shall redeem all of the Outstanding Notes of the series of which this Note
forms a part for 100% of the outstanding principal amount of such Notes if the Corresponding Member
Loan has been obtained as a result of identity theft on the part of the purported borrower member.
The Company may, in its reasonable discretion, require proof of the identity theft , such as a copy
of the police report filed by the person whose identity was wrongfully used to obtain the
Corresponding Member Loan.

The Notes are in registered form without coupons in denominations of $25 and integral
multiples of $25 in excess thereof. The Notes may not be transferred and the transfer of Notes
shall not be registered as provided in the Indenture unless such transfer is effected on a trading
system that is recognized by the Company. Upon due presentment for registration of transfer of this
Note at the office or agency of the Company in Redwood City, California, a new Note or Notes in
authorized denominations in Dollars for an equal aggregate principal amount and like interest rate
and maturity will be issued to the transferee in exchange therefor, subject to the limitations
provided in the Indenture, without charge except for (1) any stamp tax or other governmental charge
imposed in connection therewith and (2) any transfer charges associated with the Company’s resale
platform as described on its website at www.lendingclub.com.

 

4

 

The Company, the Trustee, and any paying agent may deem and treat the registered Holder hereof
as the absolute owner of this Note at the Holder’s address as it appears on the
register books of the Company as kept by the Company or duly authorized agent of the Company
(whether or not this Note shall be overdue), for the purpose of receiving payment of or on account
hereof and for all other purposes, and neither the Company nor the Trustee nor any paying agent
shall be affected by any notice to the contrary. All payments made to or upon the order of such
registered Holder shall, to the extent of the sum or sums paid, effectively satisfy and discharge
liability for moneys payable on this Note.

No recourse under or upon any obligation, covenant or agreement contained in the Indenture or
any indenture supplemental thereto or in any Note, or because of any indebtedness evidenced
thereby, shall be had against any incorporator, or against any past, present or future shareholder,
officer or director, as such, of the Company, either directly or through the Company, under any
rule of law, statute or constitutional provision or by the enforcement of any assessment or penalty
or otherwise, all such personal liability of every such incorporator, shareholder, officer and
director, as such, being expressly waived and released by the acceptance hereof and as a condition
of and as part of the consideration for the issuance of this Note.

Unless otherwise defined herein, terms used herein which are defined in the Indenture shall
have the respective meanings assigned thereto in the Indenture. To the extent that provisions
contained in this Note are inconsistent with the provisions set forth in the Indenture, the
provisions contained herein will apply.

This Note shall be governed by and construed in accordance with the laws of the State of New
York without regard to any principle of conflict of laws that would require or permit the
application of the laws of any other jurisdiction.

This Note shall not be valid or become obligatory for any purpose until the Certificate of
Authentication hereon shall have been signed by an authorized officer of the Company or its duly
authorized agent under the Indenture referred to above.

IN WITNESS WHEREOF, LENDINGCLUB CORPORATION has caused this instrument to be signed by its
duly authorized officers.

Dated:
                                        

CERTIFICATE OF AUTHENTICATION

	 	 	 	 	 	 	 
	 	 	LENDINGCLUB CORPORATION
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 

Dated:                                         

 

5

 

This is one of the Securities of the series of Securities designated therein referred to in the
within-mentioned Indenture.

	 	 	 	 	 
	LENDINGCLUB CORPORATION	 	 
	as Authenticating Agent	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

Name:
	 	 
	 

	 	Title:	 	 

 

6Exhibit 10.1

Exhibit 10.1

Loan Agreement

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

1. Loan Terms. Your loan will have a principal balance between $1,000 and $25,000 in the specific
amount and on the terms set forth in the disclosures provided to you (see the disclosures at
http://www.lendingclub.com/account/truthInLending.action). You agree and acknowledge that the
initial loan disclosures made to you are estimates (other than APR) and may be as much as 40% less
than the initially requested amounts. All loans are unsecured, fully-amortizing, closed-end loans
with either a three (3)-year or five (5)-year term. Please see you Borrower Membership Agreement
and other information provided to you in connection with registering your loan request on the Site
for additional details. Your obligations, including your obligation to repay principal and
interest, are set forth in this Agreement and in the Note or Notes that you will make to us, as
described in section 3 below.

2. Credit Decisions. Your loan request must include your annual income and such other information
as we may obtain through the Site. We will consider public assistance, alimony, child support, or
separate maintenance income as income if you choose to include such sources of income in your
application and such income is likely to continue. We reserve the right to verify any information
you submit by requiring you to produce appropriate documentation or other proof, and also reserve
the right to conduct such verification through a third party. You hereby authorize us to request
and obtain data from a third party to verify any information you provide to us in connection with
your loan request. We may terminate consideration of your application at any time in our sole
discretion.

3. Loan Funding and Closing. You may post a loan request on the Site, and LendingClub investors
(“Investors”) will be able to review your loan request. Investors may commit funds to purchase, in
various amounts, Member Payment Dependent Notes (“MPDNs”) that LendingClub may issue to Investors
who commit funds for your loan request. You acknowledge that a Investor’s commitment to purchase a
MPDN corresponding to all or a portion of your loan from us does not confer any rights to you. You
understand that individual Investors make their own decisions whether to commit funds for your
loan. LendingClub may also choose to commit funds for all or part of your loan request but is not
obligated to do so.

 

 

 

Your loan will close and issue, unless you notify us in writing of your election to terminate your
loan request sufficiently far in advance of the loan closing for us to cancel the loan, if:

	 	(i)	 	within 14 days following the posting of your loan request, the aggregate amount of
funding commitments through the Site fulfills your listed loan request in full, or

	 	(ii)	 	at the end of the 14 days following the posting of your unsecured loan request, the
aggregate funding commitments through the Site are greater than or equal to 60% of your
listed loan request but less than 100%. [This subsection (ii) is only applicable to loan
requests listed on or after
 _____]

If your loan request was listed prior to the above listed date, issuance of a partially funded loan
is subject to your approval.

If at the end of the posting period for your loan request, the funding commitments through the Site
are less than 60% of your original loan request, you may elect to:

(i) accept this lesser amount at which point your loan will close,

(ii) cancel your loan request, or

(iii) cancel your loan request and relist it on the Site.

Funding of your loan request might be available before the expiration of the 14-day period set
forth above. In no event, will we be obligated to notify you of the date upon which your loan may
or will fund.

If we extend a loan to you, you agree to execute by power of attorney as described below, and be
bound by the terms set forth in, the form of promissory note attached as Exhibit A (the “Note”) as
to your loan. You agree to execute multiple Notes if we request you do so, provided that the
aggregate principal amounts of such Notes shall equal the total amount of your loan. LendingClub
will execute your Note(s) on your behalf pursuant to a power of attorney you grant to LendingClub
when registering your loan request. You authorize us to disburse the loan proceeds by Automated
Clearing House (“ACH”) transfer to your designated account. Following our disbursement of the loan
proceeds to you, we will assign the Note(s) and your loan to LendingClub.

BY COMPLETING YOUR APPLICATION AND SUBMITTING YOUR LOAN REQUEST, YOU ARE COMMITTING TO OBTAIN A
LOAN FROM US IN THE AMOUNT AND ON THE TERMS SET FORTH IN YOUR AGREEMENTS WITH WBK (OR ITS
ASSIGNEES) AND THE DISCLOSURES PROVIDED TO YOU IN CONNECTION WITH YOUR REQUEST, SHOULD YOUR REQUEST
BE FUNDED. YOU HAVE NO RIGHT TO RESCIND THE LOAN ONCE MADE BUT YOU MAY PREPAY THE LOAN AT ANY TIME
WITHOUT PENALTY. We will not lend you any funds unless and until sufficient commitments are
received from Investors and/or LendingClub.

 

 

 

4. Making Your Loan Payments. You authorize us and our successors and assigns to debit your
designated account by ACH transfer for the amount of each payment due on each due date. You may
elect to make payments by personal check by contacting support@lendingclub.com or by regular mail
at LendingClub Corporation, 370 Convention Way, Redwood City, California 94063, Attention: Loan
Processing Department. If you elect to make payments by check, you acknowledge and agree that there
will be a $15 check processing fee per payment, subject to applicable law. If you elect to make
payments by check, you must send the check either (i) by regular mail to Lending Club Corporation,
Dept #34268, P.O. Box 39000, San Francisco, CA 94139, or (ii) by overnight mail or UPS delivery to
Wells Fargo Lock Box Services, Dept #34268, 3440 Walnut Ave, Window H, Fremont, CA 94538. This
authorization does not affect your obligation to pay when due all amounts payable on your loan,
whether or not there are sufficient funds therefore in such accounts. The foregoing authorization
is in addition to, and not in limitation of, any rights of setoff we may have. With regard to
payments made by automatic withdrawal, you have the right to stop payment of automatic withdrawals
or revoke your prior authorization for automatic withdrawals by notifying your financial
institution at least three (3) banking days before the scheduled date of transfer. You must notify
us of the exercise of your right to stop a payment or revoke your authorization for automatic
withdrawals at least three (3) banking days before the scheduled date of transfer. All payments are
to be applied first to the payment of all fees, expenses and other amounts due (excluding principal
and interest), then to accrued interest, and the balance on account of outstanding principal;
provided, however, that after an Event of Default (as defined below), payments will be applied to
your obligations as we determine in our sole discretion.

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

6. Fees. A non-refundable origination fee paid by you to LendingClub as provided under your
agreement with LendingClub will be deducted from your loan proceeds, so the loan proceeds delivered
to you will be less than the full amount of issued your loan. You acknowledge that the
origination fee will be considered part of the principal on your loan and is subject to the accrual
of interest. You agree to pay a fee of $15, if ACH transfers or checks are returned or fail due to
insufficient funds in your account or for any other reason. Each attempt to collect a payment is
considered a separate transaction, so an unsuccessful payment fee will be assessed for each failed
attempt. The bank that holds your designated account may assess its own fee in addition to the fee
we assess. If any payment is more than 15 days late, we may charge a
late fee in an amount equal to the greater of 5% of the outstanding principal and interest or $15.
If a payment is more than 30 days late, we shall charge such late fee. We will charge only one late
fee on each late payment. These fees may be collected using ACH transfers initiated by us from your
designated account. Any such late fee assessed is immediately due and payable. Any payment received
after 6:00 P.M., Salt Lake City time, on a banking day is deemed received on the next succeeding
banking day.

 

 

 

7. Default and Termination. You will be deemed in default on your loan (each, an “Event of
Default”) if you: (1) fail to pay timely any amount due on your loan; (2) file or have instituted
against you any bankruptcy or insolvency proceedings or make any assignment for the benefit of
creditors; (3) die; (4) commit fraud or make any material misrepresentation in this Agreement, the
Note, or any other documents, applications or related materials delivered to us in connection with
your loan; or (5) fail to abide by the terms of this Agreement. Upon the occurrence of an Event of
Default, we may exercise all remedies available to us under applicable law, this Agreement, and the
Note, including without limitation (1) demand that you immediately pay all amounts owed on your
loan or (2) terminate this Agreement. Any loans you obtain prior to the effective date of
termination resulting from listings you placed on the Site shall remain in full force and effect in
accordance with their terms.

8. Collection & Reporting of Delinquent Loans. We reserve the right to report loan payment
delinquencies at or in excess of 30 days to one or more consumer reporting agencies in accordance
with applicable law. You agree to pay all costs of collecting any delinquent payments, including
reasonable attorneys’ fees, as permitted by applicable law.

9. Assignment of Your Loan. Following the closing of your loan you hereby agree that we may,
without notice to you, (i) assign all of our right, title and interest in this Agreement to
LendingClub and (ii) assign your Note(s) to LendingClub.

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

11. Entire Agreement. This Agreement and any Note represents the entire agreement between you and
us regarding the subject matter hereof and supersedes all prior or contemporaneous communications,
promises and proposals, whether oral, written or electronic, between us with respect to your loan
request and loan. The WBK Privacy Notice attached as Exhibit B is incorporated by reference into
this Agreement.

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

13. Notices. All notices and other communications to you hereunder may be given by email to your
registered email address or posted on the Site, and shall be deemed to have been duly given and
effective upon transmission. You acknowledge that you have sole access to such email
account and your area on the Site and that communications from us may contain sensitive,
confidential, and collections-related communications. If your registered email address changes, you
must notify LendingClub of the change by sending an email to
support@Lendingclub.com or calling
866-754-4094. You also agree to update your registered residence address and telephone number on
the Site if they change.

 

 

 

14. NO WARRANTIES. EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, WE MAKE NO REPRESENTATIONS OR
WARRANTIES TO YOU, INCLUDING, BUT NOT LIMITED TO, ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR
FITNESS FOR A PARTICULAR PURPOSE.

15. LIMITATION ON LIABILITY. IN NO EVENT SHALL WE BE LIABLE TO YOU FOR ANY LOST PROFITS OR SPECIAL,
EXEMPLARY, CONSEQUENTIAL OR PUNITIVE DAMAGES, EVEN IF INFORMED OF THE POSSIBILITY OF SUCH DAMAGES.
FURTHERMORE, WE MAKE NO REPRESENTATION OR WARRANTY TO YOU REGARDING THE EFFECT THAT THE AGREEMENT
MAY HAVE UPON YOUR FOREIGN, FEDERAL, STATE OR LOCAL TAX LIABILITY.

16. Miscellaneous. The parties acknowledge that there are no third party beneficiaries to this
Agreement. You may not assign, transfer, sublicense or otherwise delegate your rights or
obligations under this Agreement to another person without our prior written consent. Any such
assignment, transfer, sublicense or delegation in violation of this section 16 shall be null and
void. We are located in the state of Utah and this Agreement and the Note will be entered into in
the state of Utah. The provisions of this Agreement will be governed by federal laws and the laws
of the state of Utah to the extent not preempted, without regard to any principle of conflicts of
laws that would require or permit the application of the laws of any other jurisdiction. Any waiver
of a breach of any provision of this Agreement will not be a waiver of any other subsequent breach.
Failure or delay by either party to enforce any term or condition of this Agreement will not
constitute a waiver of such term or condition. If at any time after the date of this Agreement, any
of the provisions of this Agreement shall be held by any court of competent jurisdiction to be
illegal, void or unenforceable, such provision shall be of no force and effect, but the illegality
and unenforceability of such provision shall have no effect upon and shall not impair the
enforceability of any other provisions of this Agreement. The headings in this Agreement are for
reference purposes only and shall not affect the interpretation of this Agreement in any way.

17. Arbitration.

a. Either party to this Agreement, or LendingClub, may, at its sole election, require that the sole
and exclusive forum and remedy for resolution of a Claim be final and binding arbitration pursuant
to this section 17 (the “Arbitration Provision”), unless you opt out as provided in section 17(b)
below. As used in this Arbitration Provision, “Claim” shall include any past, present, or future
claim, dispute, or controversy involving you (or persons claiming through or connected with you),
on the one hand, and us and/or LendingClub (or persons claiming through or connected with us and/or
LendingClub), on the other hand, relating to or arising out of this Agreement, any Note, the Site,
and/or the activities or relationships that involve, lead to, or result
from any of the foregoing, including (except to the extent provided otherwise in the last sentence
of section 17(f) below) the validity or enforceability of this Arbitration Provision, any part
thereof, or the entire Agreement. Claims are subject to arbitration regardless of whether they
arise from contract; tort (intentional or otherwise); a constitution, statute, common law, or
principles of equity; or otherwise. Claims include matters arising as initial claims,
counter-claims, cross-claims, third-party claims, or otherwise. The scope of this Arbitration
Provision is to be given the broadest possible interpretation that is enforceable.

 

 

 

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

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

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

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

 

 

 

f. We agree not to invoke our right to arbitrate an individual Claim you may bring in Small Claims
Court or an equivalent court, if any, so long as the Claim is pending only in that court. NO
ARBITRATION SHALL PROCEED ON A CLASS, REPRESENTATIVE, OR COLLECTIVE BASIS (INCLUDING AS PRIVATE
ATTORNEY GENERAL ON BEHALF OF OTHERS), EVEN IF THE CLAIM OR CLAIMS THAT ARE THE SUBJECT OF THE
ARBITRATION HAD PREVIOUSLY BEEN ASSERTED (OR COULD HAVE BEEN ASSERTED) IN A COURT AS CLASS
REPRESENTATIVE, OR COLLECTIVE ACTIONS IN A COURT. Unless consented to in writing by all parties to
the arbitration, no party to the arbitration may join, consolidate, or otherwise bring claims for
or on behalf of two or more individuals or unrelated corporate entities in the same arbitration
unless those persons are parties to a single transaction. Unless consented to in writing by all
parties to the arbitration, an award in arbitration shall determine the rights and obligations of
the named parties only, and only with respect to the claims in arbitration, and shall not (a)
determine the rights, obligations, or interests of anyone other than a named party, or resolve any
Claim of anyone other than a named party; nor (b) make an award for the benefit of, or against,
anyone other than a named party. No administrator or arbitrator shall have the power or authority
to waive, modify, or fail to enforce this section 17(f), and any attempt to do so, whether by rule,
policy, arbitration decision or otherwise, shall be invalid and unenforceable. Any challenge to the
validity of this section 17(f) shall be determined exclusively by a court and not by the
administrator or any arbitrator.

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

h. This Arbitration Provision shall survive (i) suspension, termination, revocation, closure, or
amendments to this Agreement and the relationship of the parties and/or LendingClub; (ii) the
bankruptcy or insolvency of any party or other person; and (iii) any transfer of any loan or Note
or any other promissory note(s) which you owe, or any amounts owed on such loans or notes, to any
other person or entity. If any portion of this Arbitration Provision other than section 17(f) is
deemed invalid or unenforceable, the remaining portions of this Arbitration Provision shall
nevertheless remain valid and in force. If an arbitration is brought on a class, representative, or
collective basis, and the limitations on such proceedings in section 17(f) are finally adjudicated
pursuant to the last sentence of section 17(f) to be unenforceable, then no arbitration shall be
had. In no event shall any invalidation be deemed to authorize an arbitrator to determine Claims or
make awards beyond those authorized in this Arbitration Provision.

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

 

 

 

Exhibit A

NON-NEGOTIABLE PROMISSORY NOTE

Borrower name and address: __________________________ (not visible to investors)

$_______________

_____________, 200_

For value received, I (“Borrower”) promise to pay to the order of WebBank or any subsequent holder
(“you” or “Lender”) of this Promissory Note (the “Note”) the principal sum of
 _____ ($_____) Dollars with interest as set forth below. I intend to be legally bound by this Note. I
have read, understood, and agreed to all of the terms of this Note.

Interest. This Note bears interest during each calendar month from the date hereof until
paid, at a fixed rate of
 _____ (%). Interest is calculated on a monthly basis on the unpaid
balance with each payment representing 1/12th of a year.

Payments. Principal and interest is to be paid during and throughout the period of
 _____ 

months in the following manner:

Payments of principal and interest in the amount of
 _____ 

($_____) Dollars are to be
made by the Borrower to the Lender commencing
 __, 200_, and on the same day of each
successive month thereafter until
 __, 200__, when the full amount of unpaid principal,
together with unpaid accrued interest is due and payable. If the monthly anniversary is on the
29th, 30th, or 31st of the month, and the following month does not have a 29th, 30th, or 31st day,
the monthly payment will be due on the last day of the month in which the payment was due. The last
payment might be of a slightly different amount to adjust for rounding.

All payments on this Note are to be made in immediately available lawful money of the United
States. Borrower authorizes Lender to debit Borrower’s designated account by Automated Clearing
House (“ACH”) transfer for the amount of each payment due on each due date. Borrower may elect to
make payments by personal check by contacting
support@lendingclub.com or by regular mail at
LendingClub Corporation, 370 Convention Way, Redwood City, California 94063, Attention: Loan
Processing Department. If Borrower elects to make payments by check, borrower acknowledges and
agrees that there will be a $15 check processing fee per payment, subject to applicable law. This
authorization does not affect Borrower’s obligations to pay when due all amounts payable under this
Note, whether or not there are sufficient funds therefore in such accounts. The foregoing
authorization is in addition to, and not in limitation of, any rights of setoff Lender may have.
With regard to payments made by automatic withdrawal, Borrower has the right to stop payment of
automatic withdrawals or revoke Borrower’s prior authorization for automatic withdrawals by
notifying Borrower’s financial institution at least three (3) banking days before the scheduled
date of transfer.

 

 

 

Borrower will notify Lender of the exercise of Borrower’s right to stop a payment or revoke
Borrower’s authorization for automatic withdrawals at least three (3) banking days before the
scheduled date of transfer. All payments are to be applied first to the payment of all fees,
expenses and other amounts due to Lender (excluding principal and interest), then to accrued
interest, and the balance on account of outstanding principal; provided, however, that after an
Event of Default (as defined below), payments will be applied to Borrower’s obligations as Lender
determines in its sole discretion.

Fees and Charges. A non-refundable origination fee paid by Borrower to LendingClub
Corporation, in the amount and on the terms set forth in Borrower’s agreement with LendingClub
Corporation, will be deducted from Borrower’s loan proceeds, so the loan proceeds delivered to
Borrower will be less than the full amount of Borrower’s loan request. Borrower acknowledges that
the origination fee will be considered part of the principal of Borrower’s loan and is subject to
the accrual of interest. Borrower agrees to pay a fee of $15 if ACH transfers or checks are
returned or fail due to insufficient funds in Borrower’s account or for any other reason. Borrower
acknowledges that the bank that holds Borrower’s designated account may charge a fee in addition to
this fee. Each attempt to collect a payment is considered a separate transaction, so an
unsuccessful payment fee will be assessed for each failed attempt. If Borrower’s payment is more
than 15 days late, Lender may charge a late fee in an amount the greater of 5% of the outstanding
payment or $15. If Borrower’s payment is more than 30 days late, Lender shall charge such late fee.
These fees may be collected using ACH transfers initiated by us from Borrower’s designated account.
Any such late fee assessed is immediately due and payable. Any payment received after 6:00 P.M.,
Salt Lake City time, on a banking day is deemed received on the next succeeding banking day.

Prepayments and Partial Payments. Borrower may make any payment early, in whole or in part,
without penalty or premium at any time. Any partial prepayment is to be applied against the
principal amount outstanding and does not postpone the due date of any subsequent monthly
installments, unless Lender otherwise agrees in writing. If Borrower prepays this Note in part,
Borrower agrees to continue to make regularly scheduled payments until all amounts due under this
Note are paid. Lender may accept late payments or partial payments, even though marked “paid in
full”, without losing any rights under this Note.

Use of Funds. Borrower certifies that the proceeds of the loan will not be used for the
purpose of purchasing or carrying any securities or to fund any illegal activity.

Default. Borrower will be deemed in default (each, an “Event of Default”) of Borrower’s
obligations under this Note if Borrower: (i) fails to pay timely any amount due under this Note;
(ii) files or has instituted against Borrower any bankruptcy or insolvency proceedings or makes any
assignment for the benefit of creditors; (iii) dies; (iv) commits fraud or makes any material
misrepresentation in this Note; or (v) fails to abide by the terms of this Note. Upon the
occurrence of an Event of Default, Lender may exercise all remedies available to it under
applicable law, including demand upon Borrower to immediately pay all amounts due under this Note.
Lender reserves the right to report loan payment delinquencies of 30 days or longer to one or more
consumer reporting agencies in accordance with applicable law. Borrower agrees to pay
all costs of collecting any delinquent payments, including reasonable attorneys’ fees, as permitted
by applicable law.

 

 

 

Miscellaneous.

This Note is not negotiable. Notwithstanding the foregoing, Lender may assign this Note, including
without limitation, to LendingClub Corporation, without notice to Borrower. Borrower may not assign
this Note without the prior written consent of Lender. This Note inures to the successors,
permitted assigns, heirs and representatives of Borrower and Lender.

Borrower hereby waives demand, notice of non-payment, protest, and all other notices or demands
whatsoever, and hereby consents that without notice to and without releasing the liability of any
party, the obligations evidenced by this Note may from time to time, in whole or part, be renewed,
extended, modified, accelerated, compromised, settled or released by Lender.

Any changes to this Note must be in writing signed by Borrower and Lender. Notices will be mailed
electronically to the addresses provided.

Controlling Law.  Lender is located in the State of Utah and this Note has been executed and
delivered in the State of Utah and is deemed a contract made under such state’s law. The provisions
of this Note will be governed by federal laws and the laws of the State of Utah to the extent not
preempted, without regard to any principle of conflicts of law. The unenforceability of any
provision of this Note shall not affect the enforceability or validity of any other provision of
this Note.

STATE LAW NOTICES:

CALIFORNIA RESIDENTS ONLY: A married applicant may apply for a separate account. If Lender
takes any adverse action as defined by § 1785.3 of the California Civil Code and the adverse action
is based, in whole or in part, on any information contained in a consumer credit report, Borrower
has the right to obtain within 60 days a free copy of Borrower’s consumer credit report from the
consumer reporting agency who furnished the consumer credit report and from any other consumer
credit reporting agency that complies and maintains files on consumers on a nationwide basis.

CALIFORNIA AND UTAH RESIDENTS: As required by California and Utah law, Borrower is
hereby notified that a negative credit report reflecting on Borrower’s credit record may be
submitted to a credit reporting agency if Borrower fails to fulfill the terms of Borrower’s credit
obligations.

KANSAS (and IOWA residents if the principal amount of this loan exceeds $20,000):
IMPORTANT: READ BEFORE SIGNING. THE TERMS OF THIS AGREEMENT SHOULD BE READ CAREFULLY BECAUSE ONLY
THOSE TERMS IN WRITING ARE ENFORCEABLE. NO OTHER TERMS OR ORAL PROMISES NOT CONTAINED IN THIS
WRITTEN CONTRACT MAY BE LEGALLY ENFORCED. LENDER MAY
CHANGE THE TERMS OF THIS AGREEMENT ONLY BY ANOTHER WRITTEN AGREEMENT.

 

 

 

MARYLAND RESIDENTS ONLY: Lender elects to make this loan pursuant to Subtitle 10 (Credit
Grantor Closed End Credit provisions) of Title 12 of the Maryland Commercial Law Article only to
the extent that such provisions are not inconsistent with Lender’s authority under federal law (12
U.S.C. § 85, § 1463(g), or § 1831d, as appropriate) and related regulations and interpretations,
which authority Lender expressly reserves.

MASSACHUSETTS RESIDENTS ONLY: Massachusetts law prohibits discrimination based upon marital
status or sexual orientation.

MISSOURI AND NEBRASKA RESIDENTS: ORAL LOAN AGREEMENTS OR COMMITMENTS TO LOAN MONEY,
EXTEND CREDIT OR TO FORBEAR FROM ENFORCING REPAYMENT OF SUCH DEBT, INCLUDING PROMISES TO EXTEND OR
RENEW SUCH DEBT, ARE NOT ENFORCEABLE. TO PROTECT BORROWER(S) AND THE LENDER AND ANY HOLDER OF THIS
NOTE FROM MISUNDERSTANDING OR DISAPPOINTMENT, ANY AGREEMENTS WE REACH COVERING SUCH MATTERS ARE
CONTAINED IN THIS WRITING, WHICH IS THE COMPLETE AND EXCLUSIVE STATEMENT OF THE AGREEMENT BETWEEN
US, EXCEPT AS WE MAY LATER AGREE IN WRITING TO MODIFY IT.

NEW JERSEY RESIDENTS: The section headings of the Note are a table of contents and not
contract terms. Portions of this Note with references to actions taken to the extent of applicable
law apply to acts or practices that New Jersey law permits or requires. In this Note, actions or
practices (i) by which Lender is or may be permitted by “applicable law” are permitted by New
Jersey law, and (ii) that may be or will be taken by Lender unless prohibited by “applicable law”
are permitted by New Jersey law.

NEW YORK, RHODE ISLAND and VERMONT RESIDENTS: Borrower understands and
agrees that Lender may obtain a consumer credit report in connection with this application and in
connection with any update, renewals for extension of any credit as a result of this application.
If Borrower asks, Borrower will be informed whether or not such a report was obtained, and if so,
the name and address of the agency that furnished the report. Borrower also understands and agrees
that Lender may obtain a consumer credit report in connection with the review or collection of any
loan made to Borrower as a result of this application or for other legitimate purposes related to
such loans.

OHIO RESIDENTS ONLY: The Ohio laws against discrimination require that all creditors make
credit equally available to all credit-worthy customers, and that credit reporting agencies
maintain separate credit histories on each individual upon request. The Ohio Civil Rights
Commission administers compliance with the law.

 

 

 

WISCONSIN RESIDENTS ONLY: For married Wisconsin residents, Borrower’s signature confirms
that this loan obligation is being incurred in the interest of Borrower’s marriage or family. No
provision of any marital property agreement (pre-marital agreement), unilateral
statement under § 766.59 of the Wisconsin statutes or court decree under § 766.70 adversely affects
Lender’s interest unless, prior to the time that the loan is approved, Lender is furnished with a
copy of the marital property agreement, statement, or decree or have actual knowledge of the
adverse provision. If this loan for which Borrower is applying is granted, Borrower will notify
Lender if Borrower has a spouse who needs to receive notification that credit has been extended to
Borrower.

SCREEN NAME OF BORROWER

BY: LENDINGCLUB CORPORATION

ATTORNEY-IN-FACT FOR BORROWER

(SIGNED ELECTRONICALLY)

 

 

 

Exhibit B

WBK PRIVACY NOTICE

Introduction:

At WBK, the basis of each customer relationship is trust and confidence. As financial services
professionals entrusted with sensitive financial information, we respect the privacy of our
customers and are committed to treating customer information responsibly.

We are dedicated to protecting your confidential information and have established standards and
procedures to safeguard your personal information. This notice is to make you aware of how we treat
the personal information we receive about you.

Our Privacy Policy:

It is our policy that we do not disclose nonpublic personal information about our customers, except
as provided by law.

Nonpublic personal information is nonpublic information about you that we obtain in connection with
providing a financial product or service to you. In particular, we do not provide account or
personal information to nonaffiliated companies for independent telemarketing or direct mail
marketing of any products or services of those companies.

How we collect Information:

Information about consumers is accumulated in various ways. Customers provide some themselves on
applications, or other forms. WBK develops other data as part of providing a product or service to
a customer. Still other information is obtained from outside sources such as consumer reporting
agencies.

Confidentiality:

We will limit the use and collection of information about our customers to that which is necessary
to conduct our business. We use information to protect and administer your records, accounts and
funds; to comply with certain laws and regulations; to help us design or improve our products and
services; and to understand your financial needs so that we can provide you with quality products
and superior service.

We do not reveal specific information about your accounts or other personally identifiable data to
parties outside our bank and companies for their independent use unless:

	 	•	 	You request or authorize it and we approve it;

	 	•	 	The information is provided to help complete a transaction initiated by you;

	 	•	 	The information is provided to LendingClub;

	 	•	 	The information is provided to a reputable credit bureau or similar information
reporting agency;

	 	•	 	The disclosure is lawfully permitted or required.

 

 

 

Limits on Employee Access:

At WBK, employee access to personally identifiable customer information is limited to those with a
business reason to know such information. Employees are educated on the importance of maintaining
the confidentiality of customer information and on these Privacy Principles. All WBK employees are
responsible for maintaining the confidentiality of customer information.

Security:

We safeguard personal and financial information according to established standards and procedures.
All of our operational and data processing systems are in a secure environment that protects your
account information from being accessed by third parties. Our employees are trained to understand
and comply with these information principles.

Information about former customers:

We maintain the same policy about disclosing information about former customers as we do about
current customers.

Complete and Accurate Information:

We continually strive to maintain complete and accurate information about you and your accounts.
Should you ever believe that our records contain inaccurate or incomplete information about you,
please notify us. We will investigate your concerns and correct any inaccuracies.

Future changes:

We reserve the right to change the procedures and other provisions in this disclosure at any
anytime. If we do, we will notify you of those changes.

If you have questions:

WBK recognizes and respects the privacy expectations of our customers. We want our customers to
understand our commitment to privacy in our use of customer information. As a result of our
commitment, we have developed this Privacy Notice, which is available to our customers.

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