Document:

Exhibit 10.1

 

CONFIDENTIAL TREATMENT

[***] indicates that text has been omitted
which is the subject of a confidential 

treatment request. This text has been separately
filed with the SEC.

 

 

 

 

WEBBANK

and

PROSPER
FUNDING LLC 

 

ASSET SALE AGREEMENT

 

 

 

 

 

 

 

Dated as of July 1, 2016

 

    

     

    

This ASSET SALE AGREEMENT (this “Agreement”),
dated as of July 1, 2016, is made by and between WEBBANK, a Utah-chartered industrial bank having its principal location in Salt
Lake City, Utah (“Bank”), and PROSPER FUNDING LLC, a Delaware limited liability company having its principal location
in San Francisco, California (“PFL”).

WHEREAS, Bank and Prosper Marketplace,
Inc. (“PMI”) are parties to a Marketing Agreement, dated as of the date hereof (the “Marketing Agreement”);

WHEREAS, Bank may desire to sell to PFL
certain Loans, and Participations related to certain Loans, established by Bank pursuant to the Marketing Agreement, and PFL desires
to purchase from Bank the Assets that are offered;

WHEREAS, Bank, PMI and PFL previously
entered into a Second Amended and Restated Loan Sale Agreement dated as of January 25, 2013 (as amended from time to time, the
“Existing Sale Agreement”), pursuant to which PMI and PFL agreed to purchase certain loan accounts originated by Bank;
and

WHEREAS, the Parties therefore desire
to amend and restate the Existing Sale Agreement on the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of the
foregoing and the terms, conditions and mutual covenants and agreements herein contained, and for good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

1.               
Definitions; Effectiveness. 

		(a)	The terms used in this Agreement shall be defined as set forth in Schedule 1 to the Marketing
Agreement. The rules of construction set forth in Schedule 1 to the Marketing Agreement shall apply to this Agreement.

		(b)	This Agreement shall be effective as of August 1, 2016 (the “Effective Date”) and,
as of the Effective Date, shall supersede and replace the Existing Sale Agreement (except that, as provided in section 1(c), the
Existing Sale Agreement will govern the purchase of Loans originated prior to the Effective Date). This Agreement shall apply to
all Loans originated by Bank during the term of this Agreement, beginning on the Effective Date. Loans originated on or after the
Effective Date shall not be subject to the Existing Sale Agreement.

		(c)	All Loans originated by Bank prior to the Effective Date shall be governed by the terms of the
Existing Sale Agreement as in effect at the time that such Loans were originated, and shall not be subject to the terms of this
Agreement. As to such Loans, the terms of the Existing Program Agreement, including indemnification, shall continue to apply on
the terms set forth therein.

		(d)	This Agreement shall not operate so as to render invalid or improper any action heretofore taken
under the Existing Sale Agreement.

2.               
Purchase of Assets. The terms of Schedule 2 shall apply
as if fully set forth in this Agreement.

    	 	  	 

     

    

3.               
Ownership of Assets. 

		(a)	Bank shall retain ownership of the Loans after each Funding Date, unless and until sold to PFL
as provided in this Agreement. PFL agrees to make entries on its books and records to clearly indicate Bank’s ownership of
the Loans as of each Funding Date.

		(b)	On and after each Closing Date, subject to PFL’s payment of the Purchase Price on each
such date, PFL shall be the sole owner for all purposes (e.g., tax, accounting and legal) of the Assets purchased from Bank on
such date. Bank agrees to make entries on its books and records to clearly indicate the sale of the Assets to PFL as of each Closing
Date. PFL agrees to make entries on its books and records to clearly indicate the purchase of the Assets as of each Closing Date.

		(c)	Bank does not assume and shall not have any liability to PFL for the repayment of any Loan Proceeds
or the servicing of the Assets after the related Closing Date.

		(d)	PFL or any subsequent owner of the Assets may (i) securitize the Assets, or any amounts owing
thereunder, or (ii) issue an “asset-backed security” (as defined under 17 C.F.R. § 229.1101(c) or Section 3(a)(77)
of the Securities Exchange Act of 1934) backed by the Assets or any amounts owing thereunder, in each case, without the prior written
consent of Bank; provided that all of the following conditions are met:

		(1)	Bank is not required to maintain any ongoing ownership interest in the Assets after the sale
thereof to PFL, Bank is not required to make or provide any informational reports, certificates, data or filings with respect to
the securitization or other financing transaction and Bank is not required to incur any costs or expenses in connection with such
securitization or other financing transaction unless PFL (or some other creditworthy entity reasonably acceptable to Bank) has
agreed in writing to promptly and fully reimburse Bank for such out-of-pocket costs and expenses.

		(2)	Bank is not deemed to be the “securitizer,” “sponsor” or “depositor”
under any rule, regulation or order of the Securities and Exchange Commission with respect to such transaction.

		(3)	Bank is not required to waive or agree to impair any of its rights or remedies under the Program
Documents.

		(4)	Company agrees (i) that it shall, and that it shall require each Direct Transferee or Affiliate
of such Person to, obtain Bank’s written approval of any identification of Bank by name in any documents related to a securitization
or other financing transaction, and any description of the Program in such documents, and (ii) that it shall use commercially reasonable
efforts to require any subsequent transferee not covered by (i) above to obtain Bank’s written approval of any identification
of Bank by name in any documents related to a securitization or other financing transaction, and any description of the Program
in such documents. As to any Direct Transferee (or Affiliate thereof) or any subsequent transferee, Bank will not unreasonably
withhold, delay or condition its approval.

PFL shall include a provision in any
agreement by which PFL sells or transfers Assets requiring such Direct Transferee to comply with the terms of this Section 3(d)
to the same extent as PFL, and requiring such transferee to include such a provision in subsequent transfers of the Assets. PFL
agrees that it shall, and that it shall require each Direct Transferee or Affiliate of such Person to, promptly provide to Bank
copies of all offering documents and investor presentations in connection with any such transaction; PFL shall include a provision
in any agreement by which PFL sells or transfers Assets requiring such Direct Transferee to include a provision in subsequent transfers
of the Assets that requires the subsequent transferee to promptly provide to Bank copies of all offering documents and investor
presentations in connection with any such transaction.

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		(e)	Upon request by PFL, the Bank shall provide an acknowledgement in a form mutually agreed by the
Parties regarding the satisfaction, to Bank’s knowledge, of the conditions set forth in Section 3(d)(1)-(4). 

		(f)	PFL shall maintain the Control Account Agreement in effect on the Control Account at all times.

4.               
Representations and Warranties of Bank. 

		(a)	Bank hereby represents and warrants to PFL as of the date hereof, the Effective Date of this
Agreement and as of each Closing Date that:

 

		(1)	Bank is an FDIC-insured Utah-chartered industrial bank, duly organized, validly existing under
the laws of the State of Utah and has full corporate power and authority to execute, deliver, and perform its obligations under
this Agreement; the execution, delivery and performance of this Agreement and the transfer of the Assets have been duly authorized
and are not in conflict with and do not violate the terms of the charter or bylaws of Bank and will not result in a material breach
of or constitute a default under, or require any consent under, any indenture, loan or agreement to which Bank is a party;

		(2)	All approvals, authorizations, licenses, registrations, consents, and other actions by, notices
to, and filings with, any Person that may be required in connection with the execution, delivery, and performance of this Agreement
by Bank, have been obtained (other than those required to be made to or obtained from Borrowers);

		(3)	This Agreement constitutes a legal, valid, and binding obligation of Bank, enforceable against
Bank in accordance with its terms, except (i) as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium, receivership, conservatorship or other similar laws now or hereafter in effect (including the rights and obligations
of receivers and conservators under 12 U.S.C. §§ 1821(d) and (e)), which may affect the enforcement of creditors’
rights in general, and (ii) as such enforceability may be limited by general principles of equity (whether considered in a suit
at law or in equity);

		(4)	There are no proceedings or investigations (other than those previously disclosed to PFL
by Bank) pending or, to the best knowledge of Bank, threatened against Bank (i) asserting the invalidity
of this Agreement, (ii) seeking to prevent the consummation of any of the transactions contemplated by Bank pursuant to this Agreement,
(iii) seeking any determination or ruling that, in the reasonable judgment of Bank, would materially and adversely affect the performance
by Bank of its obligations under this Agreement, (iv) seeking any determination or ruling that would materially and adversely affect
the validity or enforceability of this Agreement or (v) would have a materially adverse financial effect on Bank or its operations
if resolved adversely to it; 

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		(5)	Bank is not Insolvent;

		(6)	The execution, delivery and performance of this Agreement by Bank comply with Utah and federal
banking laws specifically applicable to Bank’s operations; provided that Bank makes no representation or warranty regarding
compliance with Utah or federal banking laws relating to consumer protection, consumer lending, usury, loan collection, anti-money
laundering, data security or privacy as they apply to the operation of the Program; 

		(7)	To the extent that Bank receives non-public personally identifiable information from the PFL
or the Borrower, Bank will comply with all Applicable Laws related to the protection and retention of such information; and

		(8)	With respect to each Asset sold on any Closing Date by Bank to PFL, (i)
Bank has not taken any action (directly or indirectly, voluntarily or involuntarily): (x) to alter the terms or conditions of such
Asset or (y) that could be reasonably expected to impair the enforceability of such Assets (except that such representation does
not extend to any action by the Prosper Entities or their respective agents); or (ii) upon Bank’s receipt of the related
Purchase Price (inclusive of the agreement to pay the Loan Trailing Fee), Bank shall have conveyed to PFL all of Bank’s right,
title and interest in such Assets subject to no prior security interest in favor of any other creditor of Bank.

		(b)	Bank hereby represents and warrants to PFL as of each Closing Date that with respect to each
Asset, Bank has disbursed the Loan Proceeds relating to the Loans on the Funding Statement received by Bank three (3) Business
Days Bank prior to such Closing Date in accordance with the Marketing Agreement, except to the extent that such disbursement is
not completed or is reversed due to matters beyond Bank’s control, or if Company has not complied with its obligations (including
the obligation to deliver the Funding Statement), or if there are errors in the Funding Statement.

		(c)	With respect to each Participation sold on any Closing Date by Bank to PFL, Bank covenants not
to take any action (directly or indirectly, voluntarily or involuntarily), unless required by Applicable Law or safety and soundness
concerns: (x) to alter the terms or conditions of the Loan related to such Participation or (y) that could be reasonably expected
to impair the enforceability of the Loan related to such Participation (except that such covenant does not extend to any action
by the Prosper Entities or their respective agents). 

		(d)	The representations, warranties and covenants set forth in this Section 4 shall survive the sale,
transfer and assignment of the Assets to PFL pursuant to this Agreement. In the event that any investigation or proceeding of the
nature described in subsection 4(a)(4) is instituted or threatened against Bank, Bank shall not be in breach of its representation
provided that Bank promptly notifies PFL of such pending or threatened investigation or proceeding (unless prohibited from doing
so by Applicable Laws or the direction of a Regulatory Authority).

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5.               
Representations and Warranties of PFL. 

		(a)	Except as set forth on a Schedule of Exceptions to this Agreement, PFL hereby represents and
warrants to Bank, as of the date hereof, the Effective Date and each Closing Date that:

		(1)	PFL is a limited liability company, duly organized and validly existing in good standing under
the laws of the State of Delaware, and has full power and authority to execute, deliver, and perform its obligations under this
Agreement; the execution, delivery, and performance of this Agreement have been duly authorized, and are not in conflict with and
do not violate the terms of its limited liability company agreement and will not result in a material breach of or constitute a
default under or require any consent under any indenture, loan, or agreement to which PFL is a party;

		(2)	All approvals, authorizations, consents, and other actions by, notices to, and filings with any
Person required to be obtained for the execution, delivery, and performance of this Agreement by PFL, have been obtained;

		(3)	This Agreement constitutes a legal, valid, and binding obligation of PFL, enforceable against
PFL in accordance with its terms, except (i) as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium, or other similar laws now or hereafter in effect, which may affect the enforcement of creditors’ rights in general,
and (ii) as such enforceability may be limited by general principles of equity (whether considered in a suit at law or in equity);

		(4)	There are no proceedings or investigations pending or, to the best knowledge of PFL, threatened
against PFL (i) asserting the invalidity of this Agreement, (ii) seeking to prevent the consummation of any of the transactions
contemplated by PFL pursuant to this Agreement, (iii) seeking any determination or ruling that, in the reasonable judgment of PFL,
would materially and adversely affect the performance by PFL of its obligations under this Agreement, (iv) seeking any determination
or ruling that would materially and adversely affect the validity or enforceability of this Agreement or (v) that would have a
materially adverse financial effect on PFL or its operations if resolved adversely to it; 

		(5)	PFL is not Insolvent; and

		(6)	The execution, delivery and performance of this Agreement by PFL comply with Applicable Laws.

		(b)	The representations and warranties set forth in this Section 5 shall survive the sale, transfer
and assignment of the Assets to PFL pursuant to this Agreement. In the event that any investigation or proceeding of the nature
described in subsection 5(a)(4) is instituted or threatened against PFL, PFL shall not be in breach of its representation provided
that PFL promptly notifies Bank of such pending or threatened investigation or proceeding (unless prohibited from doing so by Applicable
Laws or the direction of a Regulatory Authority).

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6.               
Conditions Precedent to the Obligations of PFL. 

		(a)	The obligations of PFL under this Agreement are subject to the satisfaction of the following
conditions precedent on or prior to each Closing Date:

		(1)	As of each Closing Date, no action or proceeding shall have been instituted or, to PFL’s
knowledge, threatened against PFL or Bank to prevent or restrain the consummation of the transactions contemplated hereby, and,
on each Closing Date, there shall be no injunction, decree, or similar restraint preventing or restraining such consummation;

		(2)	The representations and warranties of Bank set forth in Section 4 shall be true and correct in
all material respects on each Closing Date as though made on and as of such date; and

		(3)	The obligations of Bank set forth in this Agreement to be performed on or before each Closing
Date shall have been performed in all material respects as of such date by Bank.

7.               
Conditions Precedent to the Obligations of Bank. 

		(a)	The obligations of Bank in this Agreement are subject to the satisfaction of the following conditions
precedent on or prior to each Closing Date:

		(1)	As of each Closing Date, no action or proceeding shall have been instituted or, to Bank’s
knowledge, threatened against PFL or Bank to prevent or restrain the consummation of the purchase or other transactions contemplated
hereby, and, on each Closing Date, there shall be no injunction, decree, or similar restraint preventing or restraining such consummation;

		(2)	The representations and warranties of the Prosper Entities set forth in the Program Documents
shall be true and correct in all material respects on each Closing Date as though made on and as of such date; and 

		(3)	The obligations of the Prosper Entities set forth in the Program Documents to be performed on
or before each Closing Date shall have been performed in all material respects as of such date by the Prosper Entities.

8.               
Term and Termination. 

		(a)	This Agreement shall have an initial term beginning on the Effective Date and ending three (3)
years thereafter (the “Initial Term”) and shall renew automatically for one (1) successive term of one (1) year (the
“Renewal Term,” collectively, the Initial Term and Renewal Term shall be referred to as the “Term”), unless
either Party provides notice of non-renewal to the other Party at least ninety (90) days prior to the end of the Initial Term or
this Agreement is earlier terminated in accordance with the provisions hereof. 

		(b)	In the event that PMI terminates the Marketing Agreement pursuant to Section 10(d) thereof, this
Agreement shall automatically terminate on the effective date of termination of the Marketing Agreement.

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		(c)	Bank shall have the right to terminate this Agreement immediately upon written notice to the
PFL in any of the following circumstances:

		(1)	any representation or warranty made by PFL in this Agreement shall be incorrect in any material
respect and shall not have been corrected within thirty (30) Business Days after written notice thereof has been given to PFL;

		(2)	PFL shall default in the performance of any obligation or undertaking under this Agreement and
such default shall continue for thirty (30) Business Days after written notice thereof has been given to PFL;

		(3)	PFL shall commence a voluntary case or other proceeding seeking liquidation, reorganization,
or other relief with respect to itself or its debts under any bankruptcy, insolvency, receivership, conservatorship or other similar
law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, conservator, custodian, or other
similar official of it or any substantial part of its property, or shall consent to any such relief or to the appointment of a
trustee, receiver, liquidator, conservator, custodian, or other similar official or to any involuntary case or other proceeding
commenced against it, or shall make a general assignment for the benefit of creditors, or shall fail generally to pay its debts
as they become due, or shall take any corporate action to authorize any of the foregoing; 

		(4)	an involuntary case or other proceeding, whether pursuant to banking regulations or otherwise,
shall be commenced against PFL seeking liquidation, reorganization, or other relief with respect to it or its debts under any bankruptcy,
insolvency, receivership, conservatorship or other similar law now or hereafter in effect or seeking the appointment of a trustee,
receiver, liquidator, conservator, custodian, or other similar official of it or any substantial part of its property or an order
for relief shall be entered against PFL under the federal bankruptcy laws as now or hereafter in effect;

		(5)	there is a materially adverse change in the financial condition of PFL; 

		(6)	Bank or PMI has terminated the Marketing Agreement and any applicable notice period provided
in the Marketing Agreement has expired;

		(7)	Bank is deemed to be a “sponsor,” “depositor” or “securitizer”
under any rule, regulation or order the Securities and Exchange Commission with respect to any security issued by a Prosper Entity;
or

		(8)	A Prosper Entity is no longer the servicer of all Assets that have been sold by Bank to PFL under
this Agreement (other than charged-off loans that have been sold to debt buyers).

		(d)	PFL shall have the right to terminate this Agreement immediately upon written notice to Bank
in any of the following circumstances:

 

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		(1)	any representation or warranty made by Bank in this Agreement shall be incorrect in any material
respect and shall not have been corrected within thirty (30) Business Days after written notice thereof has been given to Bank;

		(2)	Bank shall default in the performance of any obligation or undertaking under this Agreement and
such default shall continue for thirty (30) Business Days after written notice thereof has been given to Bank;

		(3)	Bank shall commence a voluntary case or other proceeding seeking liquidation, reorganization,
or other relief with respect to itself or its debts under any bankruptcy, insolvency, receivership, conservatorship or other similar
law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, conservator, custodian, or other
similar official of it or any substantial part of its property, or shall consent to any such relief or to the appointment of a
trustee, receiver, liquidator,  conservator, custodian, or other similar official or to any involuntary case or other proceeding
commenced against it, or shall make a general assignment for the benefit of creditors, or shall fail generally to pay its debts
as they become due, or shall take any corporate action to authorize any of the foregoing;

		(4)	an involuntary case or other proceeding, whether pursuant to banking regulations or otherwise,
shall be commenced against Bank seeking liquidation, reorganization, or other relief with respect to it or its debts under any
bankruptcy, insolvency, receivership, conservatorship or other similar law now or hereafter in effect or seeking the appointment
of a trustee, receiver, liquidator, conservator, custodian, or other similar official of it or any substantial part of its property
or an order for relief shall be entered against Bank under the federal bankruptcy laws as now or hereafter in effect;

		(5)	there is a materially adverse change in the financial condition of Bank; 

		(6)	Bank offers to sell to PFL under this Agreement the Assets related to less than [***]
of the Loans originated by Bank pursuant to the Marketing Agreement during the preceding ten (10) days; or

		(7)	any Party has terminated the Marketing Agreement and any applicable notice period provided in
the Marketing Agreement has expired.

		(e)	Bank may terminate this Agreement immediately upon written notice to PFL if PFL defaults on its
obligation to make a payment to Bank as provided in Section 2 of this Agreement or its obligation to maintain the Control Account
Agreement as provided in Section 3(d) of this Agreement. 

		(f)	The termination of this Agreement either in part or in whole shall not discharge any Party from
any obligation incurred prior to such termination, including any obligation with respect to Assets sold prior to such termination.

		(g)	Upon termination of this Agreement, PFL shall purchase any Assets related to Loans established
by Bank under the Marketing Agreement prior to and on the date of termination of the Marketing Agreement that have not already
been purchased by PFL and any Assets related to Loans originated by Bank after termination of this Agreement, if such Loans are
originated in accordance with Section 10(e) of the Marketing Agreement, and to the extent such Assets are offered for sale by Bank
in accordance with Schedule 2. 

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		(h)	Immediately following the termination or expiration of this Agreement and the Marketing Agreement,
Bank shall transfer to PFL and PFL shall accept the transfer of all of the Loans with respect to which the Assets had previously
been sold to PFL. 

		(i)	Bank may terminate this Agreement immediately upon written notice to PFL if Bank incurs any Loss
that would have been subject to indemnification under Section 10(a) but for the application of Applicable Laws that limit or restrict
Bank’s ability to seek such indemnification. 

		(j)	The terms of this Section 8 shall survive the expiration or earlier termination of this Agreement.

9.               
Confidentiality. 

		(a)	Each Party agrees that Confidential Information of each other Party shall be used by such Party
solely in the performance of its obligations and exercise of its rights pursuant to the Program Documents. Except as required by
Applicable Laws or legal process, no Party (the “Restricted Party”) shall disclose Confidential Information of any
other Party to third parties; provided, however, that the Restricted Party may disclose Confidential Information of the other Party
(i) to the Restricted Party’s Affiliates, agents, representatives or subcontractors for the sole purpose of fulfilling the
Restricted Party’s obligations under this Agreement (as long as the Restricted Party exercises reasonable efforts to prohibit
any further disclosure by its Affiliates, agents, representatives or subcontractors), provided that in all events, the Restricted
Party shall be responsible for any breach of the confidentiality obligations hereunder by any of its Affiliates, agents (other
than a Prosper Entity as agent for Bank), representatives or subcontractors, (ii) to the Restricted Party’s auditors, accountants
and other professional advisors (provided such receiving party is subject to confidentiality obligations at least as stringent
as those set forth herein and the Restricted Party shall be responsible for any breach of confidentiality obligations by such receiving
party), or to a Regulatory Authority, or (iii) to any other third party as mutually agreed by the Parties. 

		(b)	A Party’s Confidential Information shall not include information that:

		(1)	is generally available to the public;

		(2)	has become publicly known, without fault on the part of the Party who now seeks to disclose such
information (the “Disclosing Party”), subsequent to the Disclosing Party acquiring the information;

		(3)	was otherwise known by, or available to, the Disclosing Party prior to entering into this Agreement;
or

		(4)	becomes available to the Disclosing Party on a non-confidential basis from a Person, other than
a Party to this Agreement, who is not known by the Disclosing Party after reasonable inquiry to be bound by a confidentiality agreement
with the non-Disclosing Party or otherwise prohibited from transmitting the information to the Disclosing Party. 

    	 	 9	 

     

    
		(c)	Upon written request or upon the termination of this Agreement, each Party shall, within thirty
(30) days, return to each other Party all Confidential Information of the other Party in its possession that is in written form,
including by way of example, but not limited to, reports, plans, and manuals; provided, however, that each Party may maintain in
its possession all such Confidential Information of each other Party required to be maintained under Applicable Laws relating to
the retention of records for the period of time required thereunder or stored on such Party’s network as part of standard
back-up procedures (provided that such information shall remain subject to the confidentiality provisions of this Section 9).

		(d)	In the event that a Restricted Party is requested or required (by oral questions, interrogatories,
requests for information or documents, subpoena, civil investigative demand or similar process) to disclose any Confidential Information
of any other Party, the Restricted Party shall provide such other Party with prompt notice of such request(s) so that the other
Party may seek an appropriate protective order or other appropriate remedy and/or waive the Restricted Party’s compliance
with the provisions of this Agreement. In the event that the other Party does not seek such a protective order or other remedy,
or such protective order or other remedy is not obtained, or the other Party grants a waiver hereunder, the Restricted Party may
furnish that portion (and only that portion) of the Confidential Information of the other Party which the Restricted Party is legally
compelled to disclose and shall exercise such efforts to obtain reasonable assurance that confidential treatment shall be accorded
any Confidential Information of the other Party so furnished as the Restricted Party would exercise in assuring the confidentiality
of any of its own Confidential Information.

		(e)	The terms of this Section 9, and similar provisions in the other Program Documents, shall not
be deemed to restrict the sharing of Confidential Information between the Prosper Entities.

		(f)	The terms of this Section 9 shall survive the expiration or earlier termination of this Agreement.

10.            
Indemnification.

		(a)	PFL agrees to defend, indemnify, and hold harmless Bank and its Affiliates, and the officers,
directors, employees, representatives, shareholders, agents and attorneys of such entities (the “Indemnified Parties”)
from and against any and all claims, actions, liability, judgments, damages, costs and expenses, including reasonable attorneys’
fees (“Losses”) to the extent arising from Bank’s participation in the Program as contemplated by the Program
Documents (including Losses arising from a violation of Applicable Laws or a breach by PFL or its agents or representatives of
any of PFL’s representations, warranties, obligations or undertakings under the Program Documents, and including Securitization
Losses), unless such Loss results from (i) the gross negligence or willful misconduct of Bank, or (ii) Bank’s failure to
timely transfer the Funding Amount to the extent required under Section 6(b) of the Marketing Agreement, provided that PMI or PFL,
as applicable is not in breach of any of its obligations under the Program Documents, including, but not limited to, PMI’s
or PFL’s obligations with respect to the purchase of Assets under this Agreement or the Stand By Asset Purchase Agreement,
or (iii) Excluded Servicing Losses.

    	 	 10	 

     

    
		(b)	To the extent permitted by Applicable Laws, any Indemnified Party seeking indemnification hereunder
shall promptly notify PFL, in writing, of any notice of the assertion by any third party of any claim or of the commencement by
any third party of any legal or regulatory proceeding, arbitration or action, or if the Indemnified Party determines the existence
of any such claim or the commencement by any third party of any such legal or regulatory proceeding, arbitration or action, whether
or not the same shall have been asserted or initiated, in any case with respect to which PFL is or may be obligated to provide
indemnification (an “Indemnifiable Claim”), specifying in reasonable detail the nature of the Loss and, if known, the
amount or an estimate of the amount of the Loss; provided, that failure to promptly give such notice shall only limit the liability
of PFL to the extent of the actual prejudice, if any, suffered by PFL as a result of such failure. The Indemnified Party shall
provide to PFL as promptly as practicable thereafter information and documentation reasonably requested by PFL to defend against
the Indemnifiable Claim.

		(c)	PFL shall have ten (10) days after receipt of any notification of an Indemnifiable Claim (a “Claim
Notice”) to notify the Indemnified Party of PFL’s election to assume the defense of the Indemnifiable Claim and, through
counsel of its own choosing, and at its own expense, to commence the settlement or defense thereof, and the Indemnified Party shall
cooperate with PFL in connection therewith if such cooperation is so requested and the request is reasonable; provided that PFL
shall hold the Indemnified Party harmless from all its reasonable out-of-pocket expenses, including reasonable attorneys’
fees, incurred in connection with the Indemnified Party’s cooperation; provided, further, that if the Indemnifiable Claim
relates to a matter before a Regulatory Authority, the Indemnified Party may elect, upon notice to PFL, to assume the defense of
the Indemnifiable Claim at the cost of and with the cooperation of PFL. If PFL assumes responsibility for the settlement or defense
of any such claim, (i) PFL shall permit the Indemnified Party to participate at the Indemnified Party’s expense in such settlement
or defense through counsel chosen by the Indemnified Party; provided that, in the event that both PFL and the Indemnified Party
are defendants in the proceeding and the Indemnified Party shall have reasonably determined and notified PFL that representation
of both parties by the same counsel would be inappropriate due to the actual or potential differing interests between them, then
the fees and expenses of one such counsel for all Indemnified Parties in the aggregate shall be borne by PFL; and (ii) PFL shall
not settle any Indemnifiable Claim without the Indemnified Party’s consent.

		(d)	If PFL does not notify the Indemnified Party within ten (10) days after receipt of the Claim
Notice that it elects to undertake the defense of the Indemnifiable Claim described therein, or if PFL fails to contest vigorously
any such Indemnifiable Claim, or if the Indemnified Party elects to control the defense of an Indemnifiable Claim as permitted
by Section 10(c), then, in each case, the Indemnified Party shall have the right, upon notice to PFL, to contest, settle or compromise
the Indemnifiable Claim in the exercise of its reasonable discretion; provided that the Indemnified Party shall notify PFL prior
thereto of any compromise or settlement of any such Indemnifiable Claim. No action taken by the Indemnified Party pursuant to this
paragraph (d) shall deprive the Indemnified Party of its rights to indemnification pursuant to this Section 10.

    	 	 11	 

     

    
		(e)	All amounts due under this Section 10 shall be payable not later than ten (10) days after written
demand therefor.

		(f)	The terms of this Section 10 shall survive the expiration or earlier termination of this Agreement.

11.            
Assignment. This Agreement and the rights and obligations
created under it shall be binding upon and inure solely to the benefit of the Parties and their respective successors, and permitted
assigns. Neither of the Parties shall be entitled to assign or transfer any rights or obligations under this Agreement (including
by operation of law) without the prior written consent of the other Party, which shall not be unreasonably withheld or delayed.
No assignment made in conformity with this Section 11 shall relieve a Party of its obligations under this Agreement.  

12.            
Third Party Beneficiaries. 

		(a)	Excepted as expressly provided in this Section 12, nothing contained herein shall be construed
as creating a third-party beneficiary relationship between any Party and any other Person. 

		(b)	Subject to subsections (c) and (d) below, any subsequent transferee of an Asset shall be a third-party
beneficiary of Bank’s covenants in Sections 4(c) and 8(h) of this Agreement and Section (h) of Schedule 2 to this Agreement
with respect to the Asset held by such transferee (the “Transferred Obligations”).

		(c)	A subsequent transferee shall only be permitted to enforce the Transferred Obligations against
Bank with respect to an Asset if (i) PFL is insolvent or the subject of bankruptcy or insovlency proceedings, and (ii) such transferee
has agreed to comply with Company’s obligations under Sections 4(c) and 8(h) of this Agreement and Section (h) of Schedule
2 to this Agreement and such transferee is not in beach thereof.

		(d)	Company or its designee shall maintain a book-entry system for recording the beneficial owners
of interests in the Assets, and shall make such records available to Bank. A subsequent transferee of an Asset shall only be permitted
to enforce the Transferred Obligations against Bank if such transferee is identified as the holder of the Asset in the book-entry
system maintained by Company or its designee, and Bank shall be permitted to exclusively rely on such records. For the avoidance
of doubt, Bank shall have no obligation to conduct any investigation to determine the holder of an Asset other than through such
records, and shall have no liability to any purported owner of an Asset that is not reflected as the owner in such records.

13.            
Proprietary Materials. Bank hereby provides PFL with a non-exclusive
right and non-assignable license to use and reproduce Bank’s name, logo, registered trademarks and service marks (collectively
“Marks”) as necessary to fulfill the Party’s obligations under this Agreement; provided, however, that (a) PFL
shall obtain Bank’s prior written approval for the use of Bank’s Marks and such use shall at all times comply with
written instructions provided by Bank regarding the use of its Marks; and (b) PFL acknowledges that, except as specifically provided
in this Agreement, PFL shall acquire no interest in Bank’s Marks. Upon termination of this Agreement, PFL shall cease using
Bank’s Marks. No Party may use another Party’s Marks in any press release without the prior written consent of the
other Parties.

    	 	 12	 

     

    

14.            
Notices. All notices and other communications that are required
or may be given in connection with this Agreement shall be in writing and shall be deemed received (a) on the day delivered, if
delivered by hand; (b) or the day transmitted, if transmitted by e-mail during business hours; or (c) one (1) Business Days after
the date of deposit with a nationally recognized overnight courier, for delivery at the following address, or such other address
as either party shall specify in a notice to the other:

 

	To Bank:	WebBank
	 	Attn: Senior Vice President – StrategicPartners
	 	215 S. State Street, Suite 1000
	 	Salt Lake City, UT 84111
	 	Tel. (801) 456-8398
	 	Email: strategicpartnerships@webbank.com
	 	 
	 	With a copy to:
	 	WebBank
	 	Attn: Chief Compliance Officer
	 	215 S. State Street, Suite 1000
	 	Salt Lake City, UT 84111
	 	Tel. (801) 456-8363
	 	Email: complianceofficer@webbank.com
	 	 
	 	 
	To PFL:	c/o Prosper Marketplace, Inc.
	 	221 Main Street, Suite 300
	 	San Francisco, CA 94105
	 	Attn: Sachin Adarkar
	 	E-mail Address: sadarkar@prosper.com
	 	Telephone: (415) 593-5433

 

15.            
Relationship of Parties. The Parties agree that in performing
their respective responsibilities pursuant to this Agreement, they are in the position of independent contractors. This Agreement
is not intended to create, nor does it create and shall not be construed to create, a relationship of partner or joint venturer
or any association for profit between Bank and PFL.

16.            
Retention of Records. Any Records with respect to Assets
purchased by PFL pursuant hereto retained by Bank shall be held for itself and as custodian for the account of Bank and PFL as
owners thereof. Bank shall provide copies of Records to PFL upon reasonable request of PFL. 

17.            
Agreement Subject to Applicable Laws. If (a) any Party has
been advised by legal counsel of a change in Applicable Laws or any judicial decision of a court having jurisdiction over such
Party or any interpretation of a Regulatory Authority that, in the view of such legal counsel, would have a materially adverse
effect on the rights or obligations of such Party under this Agreement or the financial condition of such Party, (b) any Party
receives a request of any Regulatory Authority having jurisdiction over such Party, including any letter or directive of any kind
from any such Regulatory Authority, that prohibits or restricts such Party from carrying out its obligations under this Agreement,
or (c) any Party has been advised by legal counsel that there is a material risk that such Party’s or the other Party’s
continued performance under this Agreement would violate Applicable Laws, then the affected Party shall provide written notice
to the other Party of such advisement or request and the Parties shall meet and consider in good faith any modifications, changes
or additions to the Program or the Program Documents that may be necessary to eliminate such result. Notwithstanding any other
provision of the Program Documents, including Section 8 hereof, if the Parties are unable to reach agreement regarding such modifications,
changes or additions to the Program or the Program Documents within [***] after the Parties
initially meet, any Party may terminate this Agreement upon [***] prior written notice
to the other Party. A Party may suspend performance of its obligations under this Agreement, or require the other Party to suspend
its performance of its obligations under this Agreement, upon providing the other Party with advance written notice, if any event
described in subsection 17(a), (b) or (c) above occurs. 

    	 	 13	 

     

    

18.            
Expenses. 

		(a)	Each Party shall bear the costs and expenses of performing its obligations under this Agreement,
unless expressly provided otherwise in the Program Documents. 

		(b)	Each Party shall be responsible for payment of any federal, state, or local taxes or assessments
associated with the performance of its obligations under this Agreement. 

19.            
Examination. Each Party agrees to submit to any examination
that may be required by a Regulatory Authority having jurisdiction over the other Party, during regular business hours and upon
reasonable prior notice, and to otherwise provide reasonable cooperation to such other Party in responding to such Regulatory Authority’s
inquiries and requests related to the Program.

20.            
Inspection; Reports. Each Party, upon reasonable prior notice
from the other Party, agrees to submit to an inspection of its books, records, accounts, and facilities relevant to the Program,
from time to time, during regular business hours subject to the duty of confidentiality such Party owes to its customers and banking
secrecy and confidentiality requirements otherwise applicable to such Party under Applicable Laws. All expenses of inspection shall
be borne by the Party conducting the inspection. Notwithstanding the obligation of each Party to bear its own expenses of inspection,
PFL shall reimburse Bank for reasonable out of pocket expenses incurred by Bank in the performance of periodic on site reviews
of PFL’s financial condition, operations and internal controls.

21.            
Governing Law; Waiver of Jury Trial. This Agreement shall
be interpreted and construed in accordance with the laws of the State of Utah, without giving effect to the rules, policies, or
principles thereof with respect to conflicts of laws. THE PARTIES HEREBY EXPRESSLY WAIVE ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM,
DEMAND, ACTION OR CAUSE OF ACTION ARISING HEREUNDER. The terms of this Section 21 shall survive the expiration or earlier termination
of this Agreement.

22.            
Manner of Payments. Unless the manner of payment is expressly
provided herein, all payments under this Agreement shall be made by wire transfer to the bank accounts designated by the respective
Parties. Notwithstanding anything to the contrary contained herein, no Party shall fail to make any payment required of it under
this Agreement as a result of a breach or alleged breach by the other Party of any of its obligations under this Agreement or any
other agreement, provided that the making of any payment hereunder shall not constitute a waiver by the Party making the payment
of any rights it may have under the Program Documents or by law.

23.            
Brokers. Neither of the Parties has agreed to pay any fee
or commission to any agent, broker, finder, or other person for or on account of services rendered as a broker or finder in connection
with this Agreement or the transactions contemplated hereby that would give rise to any valid claim against the other Party for
any brokerage commission or finder’s fee or like payment.

    	 	 14	 

     

    

24.            
Entire Agreement. The Program Documents, including this
Agreement and its schedules and exhibits (all of which schedules and exhibits are hereby incorporated into this Agreement), constitute
the entire agreement between the Parties with respect to the subject matter hereof, and supersede any prior or contemporaneous
negotiations or oral or written agreements with regard to the same subject matter.

25.            
Amendment and Waiver. Except as set forth in Section 32
hereof, this Agreement may be amended only by a written instrument signed by both of the Parties. The failure of a Party to require
the performance of any term of this Agreement or the waiver by a Party of any default under this Agreement shall not prevent a
subsequent enforcement of such term and shall not be deemed a waiver of any subsequent breach. All waivers must be in writing and
signed by the Party against whom the waiver is to be enforced.

26.            
Severability. Any provision of this Agreement which is deemed
invalid, illegal or unenforceable in any jurisdiction, shall, as to that jurisdiction, be ineffective to the extent of such invalidity,
illegality or unenforceability, without affecting in any way the remaining portions hereof in such jurisdiction or rendering such
provision or any other provision of this Agreement invalid, illegal, or unenforceable in any other jurisdiction.

27.            
Interpretation. The Parties acknowledge that each Party
and its counsel have reviewed and revised this Agreement and that the normal rule of construction to the effect that any ambiguities
are to be resolved against the drafting party shall not be employed in the interpretation of this Agreement or any amendments thereto,
and the same shall be construed neither for nor against any Party, but shall be given a reasonable interpretation in accordance
with the plain meaning of its terms and the intent of the Parties. 

28.            
Jurisdiction; Venue. The Parties consent to the personal
jurisdiction and venue of the federal and state courts in Salt Lake City, Utah for any court action or proceeding. The terms of
this Section 28 shall survive the expiration or earlier termination of this Agreement.

29.            
Headings. Captions and headings in this Agreement are for
convenience only and are not to be deemed part of this Agreement.

30.            
Counterparts. This Agreement may be executed and delivered
by the Parties in any number of counterparts, and by different parties on separate counterparts, each of which counterpart shall
be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same instrument.

31.            
Financial Statements. (a) Within ninety (90) days following
the end of PFL’s fiscal year, PFL shall deliver to Bank a copy of PFL’s audited financial statements prepared by an
independent certified public accountant, and (b) within forty-five (45) days following the end of each of PFL’s fiscal quarters
(other than year-end), PFL shall deliver to Bank a copy of PFL’s unaudited financial statements, in each case as of the year
or quarter then ended and prepared in accordance with generally accepted accounting principles; provided that, as long as PFL is
required to file periodic reports under the Securities Exchange Act of 1934, such filings shall satisfy the financial statement
delivery requirements set forth above. PFL shall also deliver such additional unaudited financial statements and other information
as Bank may request from time to time, within a reasonable period of time following such request.

    	 	 15	 

     

    

32.            
Performance by Servicer.  Bank
acknowledges and agrees that PMI may perform, on behalf of PFL, any obligations of PFL to Bank under this Agreement (other than
payment obligations), but solely in its various capacities as corporate administrator, loan servicer, platform administrator or
similar capacity under any administration, corporate administration, loan servicing, platform administration or similar agreement
entered into between PMI and PFL pursuant to which PFL appoints PMI as corporate administrator, loan servicer, platform administrator
or in a similar capacity to provide corporate administration, loan servicing, platform administration or similar services to PFL
in relation to the offering of securities by PFL.  The
Prosper Entities may not amend the Administration Agreement or transfer the corporate administration, loan servicing, platform
administration or similar services to any party other than PMI or PFL without the written consent of Bank.

33.            
Limited Recourse.  The obligations of PFL under this
Agreement are solely the obligations of PFL.  No recourse shall be had for the payment of any amount owing by PFL under this
Agreement, or any other obligation of or claim against PFL arising out of or based upon this Agreement, against any organizer,
member, director, officer, manager or employee of PFL or any of its Affiliates; provided, however, that the foregoing shall not
relieve any such person of any liability it might otherwise have as a result of fraudulent actions or omissions taken by it. 
Bank agrees that PFL shall be liable for any claims against PFL only to the extent that PFL has funds available to pay such claims
at any time. PFL agrees that Bank shall have recourse to the Control Account and the LTF Collateral Account (as defined in Schedule
2) as permitted under the Control Account Agreement and this Agreement. The terms of this Section 33 shall survive any termination
of this Agreement.

34.            
No Petition.   Bank hereby covenants and agrees that
it will not institute against, or join or assist any other Person in instituting against, PFL any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceeding or other similar proceeding under the laws of any jurisdiction for one year and a day after
all of the borrower payment dependent notes of PFL have been paid in full.  The terms of this Section 34 shall survive
any termination of this Agreement.

 

[Signature Page Follows]

 

 

    	 	 16	 

     

    

IN WITNESS WHEREOF, the Parties have caused
this Agreement to be executed by their duly authorized officers as of the date first written above.

 

WEBBANK

		By:	 

			Kelly Barnett

			President

 

 

PROSPER FUNDING LLC

 

		By:	 

			Aaron Vermut

			Chief Executive Officer

 

 

    	 	 17	 

     

    

Schedule 2

 

The following terms shall apply as if fully set forth in the Agreement:

		(a)	Bank may sell, transfer, assign, set-over, and otherwise convey to PFL, without recourse, on
each Closing Date, the Assets relating to the Loans on the Funding Statement received by Bank [***]. All of the foregoing
shall be in accordance with the procedures set forth in this Schedule 2. In consideration for Bank’s offer to sell, transfer,
assign, set-over and convey to PFL such Assets, PFL agrees to purchase such Assets from Bank, and PFL shall pay to Bank the Purchase
Price in accordance with this Schedule 2.

		(b)	The Funding Statement shall indicate which Assets are Loans and which Assets are Participations.
All Participations shall have a participation percentage of [***] until otherwise mutually agreed upon by Company and Bank
pursuant to paragraph (h) of Schedule 2 of the Asset Sale Agreement. At the Closing Date, the servicing shall be released with
respect to Assets that are Loans and that are Participations with a Participation Percentage of [***], and PFL shall require
that PFL or PMI be the servicer on all Assets. 

		(c)	On each Closing Date, PFL shall purchase the Assets on the Funding Statement received by Bank
[***]. By no later than [***], PFL shall deposit or cause to be deposited a sum equal to the Funding Amount for that
Funding Statement by wire transfer into the Control Account. [***], in consideration of PFL’s purchase of the Assets
[***], Bank may authorize the disbursement of such Funding Amount from the Control Account to Bank per the terms of the
Control Account Agreement. Notwithstanding any provision of the Control Account Agreement to the contrary, under no circumstances
shall Bank direct or otherwise authorize the disbursement or other disposition of any funds from the Control Account to Bank or
any other person or entity other than in accordance with the previous sentence.

		(d)	To the extent that such materials are in Bank’s possession, upon PFL’s request, Bank
agrees to cause to be delivered to PFL, at PFL’s cost, loan files on all Loans purchased by PFL pursuant to this Agreement
within [***] of the related Closing Date. Such loan files shall include the application for the Loan, the Loan Agreement,
confirmation of delivery of the Loan Agreement to the Borrower, and such other materials as PFL may reasonably require (all of
which may be in electronic form); provided that Bank may retain copies of such information as necessary to comply with Applicable
Laws. Bank, as owner of the Loan, may retain copies of any of the foregoing, or may request copies from PFL from time to time,
which PFL agrees to provide promptly.

		(e)	To secure all PFL’s obligations under this Agreement, PFL hereby grants Bank a security
interest in all of PFL’s right, title and interest in and to the Control Account and all sums now or hereafter on deposit
in or payable or withdrawable from the Control Account and the proceeds of any of the foregoing (collectively, the “Control
Account Collateral”), and agrees to take such steps as Bank may reasonably require to perfect or protect such first priority
security interest. PFL represents that, as of the date of this Agreement, the Control Account Collateral is not subject to any
claim, lien, security interest or encumbrance (other than the interest of Bank). PFL shall not allow any other Person to have any
claim, lien, security interest, or encumbrance on the Control Account Collateral. Bank shall have all of the rights and remedies
of a secured party under Applicable Laws with respect to the Collateral and the funds therein or proceeds thereof, and shall be
entitled to exercise those rights and remedies in its discretion.

    	 	  	 

     

    
		(f)	PFL agrees to pay all of the Bank Fees (as defined in the Control Account Agreement), and shall
ensure that adequate funds are deposited into the Control Account to satisfy such Bank Fees. PFL shall provide to Bank copies of
the Account Documentation (as defined in the Control Account Agreement), including any amendments thereto, promptly upon receipt
from the Control Institution.

		(g)	Within five (5) Business Days after the end of each calendar month, PFL shall pay Bank the Holding
Period Interest Charge for all Loans with respect to which the Asset was purchased by PFL during the immediately preceding month.

		(h)	When a Loan has been charged off, Bank may offer to sell such Loan to PFL for no additional consideration,
and PFL shall purchase such Loan from Bank. 

		(i)	With respect to each Asset sold by Bank hereunder, PFL shall pay to Bank on a monthly basis the
“Loan Trailing Fee.” The Loan Trailing Fee for an Asset is equal to [***]. The Loan Trailing Fee for a month
shall be paid by PFL within five (5) Business Days following the applicable month. 

		(j)	PFL shall provide Bank with cash collateral to secure all PFL’s obligations under this
Agreement, which Bank shall deposit in a deposit account (“LTF Collateral Account”) at Bank. The LTF Collateral Account
shall be a deposit account at Bank, segregated from any other deposit account of PFL, PMI or Bank, that shall hold only the funds
provided by PFL to Bank as collateral. At all times, PFL shall maintain funds in the LTF Collateral Account equal to the LTF Required
Balance. The LTF Required Balance shall be calculated monthly as of the first day of each calendar month during the Term. In the
event the actual balance in the LTF Collateral Account is less than the LTF Required Balance, PFL shall, within [***] following
notice of such deficiency, make a payment into the LTF Collateral Account in an amount equal to the difference between the LTF
Required Balance and the actual balance in such account. 

		(k)	To secure all PFL’s obligations under this Agreement, PFL hereby grants Bank a security
interest in all of PFL’s right, title and interest in and to the LTF Collateral Account and all sums now or hereafter on
deposit in or payable or withdrawable from the LTF Collateral Account and the proceeds of any of the foregoing (collectively, the
“LTF Collateral”), and agrees to take such steps as Bank may reasonably require to perfect or protect such first priority
security interest. PFL represents that, as of the date of this Agreement, the LTF Collateral is not subject to any claim, lien,
security interest or encumbrance (other than the interest of Bank). PFL shall not allow any other Person to have any claim, lien,
security interest, or encumbrance on the LTF Collateral. Bank shall have all of the rights and remedies of a secured party under
Applicable Laws with respect to the LTF Collateral, and shall be entitled to exercise those rights and remedies in its discretion.

		(l)	The LTF Collateral Account shall be a money market deposit account and shall bear interest. The
annual interest rate shall be adjusted monthly as of the first day of each month during the Term, and shall be equal to the greater
of (i) [***]; or (ii) [***]. The interest shall be paid monthly and credited to the LTF Collateral Account no less
frequently than quarterly, and shall be computed based on the average daily balance of the LTF Collateral Account for the prior
month.

    	 	 2	 

     

    
		(m)	Without limiting any other rights or remedies of Bank under this Agreement, Bank shall have the
right to withdraw amounts from the LTF Collateral Account to fulfill any obligations of PFL under this Agreement on which PFL has
defaulted, at any time. Bank may withdraw amounts from the LTF Collateral Account if any obligations of PFL remain unpaid for [***]
after the due date for payment. To the extent that Bank has withdrawn amounts from the LTF Collateral Account and such amounts
are subsequently paid directly to Bank, Bank shall restore such amounts to the LTF Collateral Account within [***] after
receipt of the amounts paid directly to Bank. PFL shall not have any right to withdraw amounts from the LTF Collateral Account.
In the event the actual balance in the LTF Collateral Account is more than the LTF Required Balance calculated for a particular
month, then, within [***] after the Required Balance is calculated, at PFL’s option, PFL may provide to Bank a report
setting forth the calculation for the LTF Required Balance and the extent to which the actual amount held in the LTF Collateral
Account at such time exceeds the LTF Required Balance. Within [***] after receipt of such a report from PFL, Bank shall
withdraw from the LTF Collateral Account any amount held therein that exceeds the LTF Required Balance as of the date of such report
and pay such amount to an account designated by PFL.

		(n)	Bank shall release any funds remaining in the LTF Collateral Account on the latest to occur of:
(i) [***], or (ii) [***].

		(o)	The terms of Sections (j) through (o) of this Schedule 2 shall survive the expiration or termination
of this Agreement for as long as any Assets remain outstanding (including, for the avoidance of doubt, if PFL is no longer the
owner or servicer of such Assets).

		(p)	The following terms shall have the definitions provided below:

		(1)	“Holding Period Interest Charge” means, for each Asset purchased by PFL from
Bank hereunder, [***]. 

		(2)	“Loan Category” means each group of Loans of a common type (e.g., general
consumer-purpose, healthcare direct, etc.), and with a common credit grade and loan term (as set forth in the Credit Policy).

		(3)	“Loan Trailing Fee” shall have the meaning set forth in Schedule 2, section
(i).

		(4)	[***]

		(5)	“LTF Required Balance” means [***].

		(6)	“Net Charge Off Loss Rate” means, with respect to a Loan Category, the quotient
of (a) the total dollar amount of principal of all Loans in such Loan Category charged off during the prior [***] (net of
recoveries), divided by (b) the weighted average principal amount of all Loans within such Loan Category outstanding during the
prior [***]. The Net Charge Off Loss Rate for a Loan Category will be calculated each quarter, not more than [***]
following the end of such quarter, by reference to the [***] ending with the quarter then ended, and the newly calculated
Net Charge Off Loss Rate shall be effective on the first Business Day after PFL calculates it and reports it to Bank. The figures
used to calculate the Net Charge Off Loss Rate shall include loans originated under the Existing Program Agreement.

    	 	 3	 

     

    
		(7)	“Risk Adjusted Margin” means, with respect to an Asset, (1) the stated simple
interest rate applicable to the Loan related to that Asset, less (2) the Net Charge Off Rate for the Loan Category related to that
Asset.

		(8)	“Servicing Fee” means, with respect to an Asset, [***] of the principal
amount of the Loan for that Asset multiplied by a fraction, the numerator of which is the number of calendar days between the Funding
Date and the Closing Date (including the Funding Date but excluding the Closing Date) and the denominator of which is the number
of calendar days in the year in which the Loan was originated by Bank. 

 

 

 

    	 	 4	 

     

    

Schedule of Exceptions

 

Schedule 5(a)(4)

 

Litigation

 

On April 21, 2009, PMI
and the North American Securities Administrators Association (“NASAA”) reached agreement on the terms of a model consent
order between PMI and the states in which PMI, under its initial platform structure, offered promissory notes for sale directly
to investor members prior to November 2008. The consent order involves payment by PMI of up to an aggregate of $1 million in penalties,
which have been allocated among the states based on PMI’s promissory note sale transaction volume in each state prior to
November 2008. A state that enters into a consent order receives its portion of the $1 million in exchange for its agreement to
terminate, or refrain from initiating, any investigation of PMI’s promissory note sale activities prior to November 2008.
Penalties are paid promptly after a state enters into a consent order. NASAA has recommended that each state enter into a consent
order; however, no state is obliged to do so, and there is no deadline by which a state must make its decision. PMI is not required
to pay any portion of the penalty to those states that do not elect to enter into a consent order. If a state does not enter into
a consent order, it is free to pursue its own remedies against PMI, subject to any applicable statute of limitations. As of December
31, 2015, PMI has entered into consent orders with 34 states and has paid an aggregate of $0.5 million in penalties to those states.

 

On November 26, 2008,
plaintiffs filed a class action lawsuit against PMI and certain of its executive officers and directors in the Superior Court of
California, County of San Francisco, California (the “Superior Court”). The suit was brought on behalf of all promissory
note purchasers on the platform from January 1, 2006 through October 14, 2008. The lawsuit alleged that PMI offered and sold unqualified
and unregistered securities in violation of the California and federal securities laws. The lawsuit sought rescission damages against
PMI and the other named defendants, as well as treble damages against PMI and the award of attorneys’ fees, experts’
fees and costs, and pre-judgment and post-judgment interest. On July 19, 2013, solely to avoid the costs, risks and uncertainties
inherent in litigation, and without admitting any liability or wrongdoing, the parties to the class action litigation pending before
the Superior Court, entered into a Stipulation and Agreement of Compromise, Settlement, and Release (the “Settlement”)
setting forth an agreement to settle all claims related thereto. In connection with the Settlement, PMI agreed to pay the plaintiffs
an aggregate amount of $10 million, payable in four lump sum payments of $2 million in 2014, $2 million in 2015, $3 million in
2016 and $3 million in 2017. On April 16, 2014, the Superior Court granted final approval of the Settlement. Subject to satisfaction
of the conditions set forth in the Settlement, the defendants will be released by the plaintiffs from all claims concerning or
arising out of the offering of promissory notes on the platform from January 1, 2006 through October 14, 2008. The reserve for
the class action settlement liability is $5.9 million on PMI’s consolidated balance sheet as of December 31, 2015.

 

 

     

     

    

Exhibit A

 

Control Account Agreement

 

 

 

     

     

    

Exhibit B

 

Calculation of LTF Required Balance

 

 

[***]Exhibit 10.2

 

CONFIDENTIAL TREATMENT

[***] indicates that text has been omitted
which is the subject of a confidential 

treatment request. This text has been separately
filed with the SEC.

 

 

 

WEBBANK

and

PROSPER
MARKETPLACE, INC.

 

 

 

MARKETING AGREEMENT

 

 

 

 

 

 

 

 

Dated as of July 1, 2016

 

 

 

     

     

    

SCHEDULES AND EXHIBITS

 

SCHEDULE 1  Definitions

SCHEDULE 6  The Marketing Fee

SCHEDULE 7(b)(4) Litigation

SCHEDULE 40  Minimum Obligations

EXHIBIT A  The Program Website

EXHIBIT B  Credit Policy

EXHIBIT C  Form of Application

EXHIBIT D  Loan Documentation

EXHIBIT E  Sample Funding Statement

EXHIBIT F  Insurance Requirements

EXHIBIT G  Program Compliance
Manual

EXHIBIT H  Third-Party Service Contractors

EXHIBIT I Bank Secrecy Act Policy

 

 

 

 

     

     

    

This MARKETING AGREEMENT (this “Agreement”),
dated as of July 1, 2016, is made by and between WEBBANK, a Utah-chartered industrial bank having its principal location in Salt
Lake City, Utah (“Bank”), and PROSPER MARKETPLACE, INC., a Delaware corporation, having its principal location in San
Francisco, California (“Company”).

WHEREAS, Company is in the business of
providing certain services necessary for the origination of consumer installment loans;

WHEREAS, Bank is in the business of originating
various types of consumer loans, including installment loans;

WHEREAS, Bank and Company have entered
into a Second Amended and Restated Loan Account Program Agreement, dated as of January 25, 2013, pursuant to which Bank has retained
Company to identify consumers who qualify for the Bank’s consumer installment loans, to market such loan program and to provide
an online interface and certain other operational services in support of such loan program (as amended from time to time, the “Existing
Program Agreement”); and

WHEREAS, effective as of the date hereof,
the Parties desire to amend and restate the terms of the Existing Program Agreement on the terms and conditions set forth herein.

 NOW, THEREFORE, in consideration
of the foregoing and the terms, conditions and mutual covenants and agreements herein contained, and for good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, Bank and Company mutually agree as follows:

		1.	Definitions; Effectiveness.

		(a)	The terms used in this Agreement shall be defined as set forth in Schedule 1, and the rules of construction set forth in Schedule
1 shall apply to this Agreement.

		(b)	This Agreement shall be effective as of August 1, 2016 (the “Effective Date”) and, as of the Effective Date, shall
supersede and replace the Existing Program Agreement. This Agreement shall apply to all Loans originated by Bank during the term
of this Agreement, beginning on the Effective Date. Loans originated on or after the Effective Date shall not be subject to the
Existing Program Agreement.

		(c)	All Loans originated by Bank prior to the Effective Date shall be governed by the terms of the Existing Program Agreement as
in effect at the time that such Loans were originated, and shall not be subject to the terms of this Agreement.

		(d)	This Agreement shall not operate so as to render invalid or improper any action heretofore taken under the Existing Program
Agreement.

		2.	Program Marketing and Services.

		(a)	Bank hereby retains Company to serve as Bank’s marketing and operations vendor for the Program. As such, Company shall
perform the following services for Bank and the Program:

		(1)	Company shall promote and otherwise market the Program and the Loans at Company’s own cost. In performing such promotion
and other marketing services, (A) Company may devote such monetary and other resources as it deems appropriate in its sole discretion;
and (B) Company may use any form of media, provided that Company shall discontinue the use of any specific form of media or media
channel if reasonably directed to do so by Bank. Company’s promotion and marketing efforts shall not be required to produce
any minimum number of Loans or other benefits to the Program during the Term of this Agreement or any year, month, or other period
under this Agreement. Company may refer to Bank and the Program in promotional and marketing materials, including marketing scripts,
upon the condition that any references to Bank and/or the Program in any such materials (and any changes in such materials) must
receive the prior written approval of Bank; provided, however, that Bank’s prior written approval shall not be required with
respect to investor-oriented communications by Company to its existing customers unless such communications also contain any information
(i) directed towards, or about, Borrowers or Applicants, or (ii) describing or otherwise about the application process,
in which case Bank’s prior written approval of such communications shall be required. Bank may require a change in such materials
upon written notice provided to Company to the extent that such change is required by Applicable Laws, or to the extent that Bank
determines such change is necessitated by safety and soundness concerns. Company shall ensure that all promotional and marketing
materials for the Program shall be accurate and not misleading in all material respects. Company shall ensure that all promotional
and marketing materials and strategies for the Program comply with Applicable Laws.

    	 	 -1-	 

     

    
		(2)	Company shall host and maintain the Program Website and provide customer support, regulatory compliance, administrative, and
other operational services to support Bank’s origination of Loans and the Program generally. Company shall provide such services
for the Program in a manner consistent with Company’s obligations specified in this Agreement and as the Parties may mutually
agree in writing from time to time.

		(b)	Bank acknowledges and agrees that (i) pursuant to Section 12 of this Agreement, Company is licensing to Bank valuable Proprietary
Material of Company for use in the marketing and operation of the Program, which includes but is not limited to use of the Program
Website; (ii) because the value of such Proprietary Material may be affected by Bank’s lending activities under the Program,
Company requires Bank to perform and Bank hereby agrees to perform Bank’s lending activities under the Program with due regard
to Company’s interests in such Proprietary Material and in close coordination with Company as specified hereafter in this
Agreement; and (iii) the compensation to be paid by Bank to Company under this Agreement is in consideration of Company’s
licensing of such Proprietary Material to Bank as well as Company’s marketing and operational services to Bank and the Program
under this Agreement.

		3.	Extension of Credit. Company acknowledges that its approval of an Application on Bank’s behalf creates a creditor-borrower
relationship between Bank and Borrower which involves, among other things, the disbursement of Loan Proceeds. Nothing in this Agreement
shall obligate Bank to extend credit to an Applicant or disburse Loan Proceeds if Bank determines, in its sole discretion, that
doing so would be an unsafe or unsound banking practice or that such extension of credit would be in violation of the Credit Policy.
Bank shall use reasonable commercial efforts to provide Company prior notice of a decision not to extend credit to an Applicant
or disburse Loan Proceeds in reliance on the preceding sentence and, in all instances where Bank does not provide such prior notice,
Bank shall provide Company prompt notice after making a decision not to extend credit to an Applicant or disburse Loan Proceeds
in reliance on the preceding sentence.

    	 	 -2-	 

     

    
		4.	Consumer Documents and Credit Policy. The following documents, terms and procedures (“Consumer Finance Materials”)
have been approved by Bank and will be used by Bank initially with respect to the Loans are attached to this Agreement: (i) the
Program Website (screen shots of each page of the Program Website) as Exhibit A; (ii) Credit Policy as
Exhibit B; (iii) form of Application, including disclosures required by Applicable Laws, as Exhibit C;
and (iv) form of Loan Agreement, privacy policy and privacy notices, and all other Applicant and Borrower communications as Exhibit
D. The Consumer Finance Materials shall not be changed without the prior written consent of both Parties, which consent
shall not be unreasonably withheld or delayed; provided, however, that Bank may change the Consumer Finance Materials upon written
notice provided to Company but without Company’s prior written consent, to the extent that such change is required by Applicable
Laws or necessitated by safety and soundness concerns, and Bank may change the Credit Policy in order to ensure that Loan pricing
is consistent with prudent management of the expected return and loss exposure. The Parties acknowledge that each Loan Agreement
and all other documents referring to the creditor for the Program shall identify Bank as the creditor for the Loans. Company shall
ensure that the Consumer Finance Materials comply with Applicable Laws.

		5.	Loan Processing, Origination, and Servicing.

		(a)	On behalf of Bank, Company shall process Applications received from Applicants via the Program Website and other authorized
channels (including retrieving credit reports) to determine whether the Applicant meets the eligibility criteria set forth in Bank’s
Credit Policy and Bank’s “Know Your Customer” and anti-money laundering criteria (collectively, the “Bank
Secrecy Act Policy”), which is attached hereto as Exhibit I, and which may be updated by Bank from time to
time and such updates shall be effective upon notice to Company as set forth herein. Company shall respond to all inquiries from
Applicants regarding the application process.

		(b)	Company shall forward to Bank mutually agreed information including name, address, social security number, date of birth, and
credit attributes regarding Applicants who meet the eligibility criteria set forth in the Credit Policy. Company shall have no
discretion to override Bank’s Credit Policy with respect to any Applications.

		(c)	Subject to the terms of this Agreement, Bank shall establish Loans with respect to Applicants who meet the eligibility criteria
set forth in the Credit Policy.

		(d)	Pursuant to procedures mutually agreed to by the Parties for the Program, Company shall deliver the Bank’s adverse action
notices (in a form approved by Bank) to Applicants on who do not meet Bank’s Credit Policy criteria or are otherwise denied
by Bank.

		(e)	On behalf of Bank, Company shall deliver the Bank’s Program privacy notices (in a form approved by Bank) and Loan Agreements
to Borrowers.

		(f)	Company shall hold and maintain, as custodian for Bank, all documents of Bank pertaining to Loans. Company shall periodically
provide to Bank copies of records required to be maintained under the Bank Secrecy Act Policy and such other documents regarding
Loans as requested by Bank, at intervals mutually agreed to by the Parties or as required by Bank to comply with Applicable Laws
or requests of a Regulatory Authority.

    	 	 -3-	 

     

    
		(g)	Pursuant to Section 16, as Bank reasonably requires and upon reasonable advance written notice to Company, Bank will periodically
audit Company for compliance with the terms of this Section 5 and the Agreement as a whole, including compliance with the standards
set forth herein for Loan origination.

		(h)	Bank shall pay to Company the Marketing Fee, in consideration for Company’s marketing and other activities for the Program.
The Marketing Fee for a Loan shall be paid by Bank to Company on the day that a Loan is funded as provided in Section 6(b). Bank
shall transfer by wire transfer, or initiate a transfer by ACH or other mutually acceptable means, to an account designated by
Company by no later than 4:00 PM Mountain Time the aggregate Marketing Fee set forth on the Funding Statement.

		(i)	Company will take all actions necessary to effect and maintain Bank’s ownership interest in the Loans, until such Loans
may be sold or transferred by Bank.

		(j)	Company shall not create or suffer to exist (by operation of law or otherwise) any lien, encumbrance or security interest upon
or with respect to any of the Loans, until such Loans may be sold or transferred by Bank. Company shall immediately notify Bank
of the existence of any such lien, encumbrance or security interest and shall defend the right, title and interest in, to and under
the Loans against all claims of third parties.

		(k)	Company shall service and administer the Loans for as long as Bank owns the Loans; provided, that if a Loan is serviced by
Company for Bank pursuant to the Servicing Agreement, then Company shall no longer be obligated to service such Loan under this
Agreement. Such servicing shall include statementing (to the extent necessary), payment processing, collections, customer service,
refunds and adjustments, customer disputes, and providing such other services as are ordinary and customary in the servicing of
installment loans.

		(1)	Company shall service the Loans owned by Bank using that degree of care, skill, prudence and attention that is (i) deemed commercially
reasonable in the unsecured consumer loan servicing industry and (ii) no less than the degree of care, skill, prudence and attention
that it uses in relation to its servicing and administration of unsecured consumer loans and related participations for the account
of its Affiliates or its or their other customers, clients, assigns and transferees, exercising reasonable business judgment and
with a view to the timely recovery of all payments of principal and interest or, in the case of a delinquent Loans, reasonable
attempts to maximize the receipt of principal and interest on the Loan, without regard to (A) any relationship, including as facilitator
(or, if Company engages in the business of lending, as lender) on any other debt, that Company or a Subcontractor, as the case
may be, or any Affiliate thereof, may have with the related Borrower or (B) the right of Company or a Subcontractor, as the case
may be, or any Affiliate thereof, to receive compensation or reimbursement of costs hereunder generally or with respect to any
particular transaction, and, in all cases in accordance with the terms of this Agreement, the accepted servicing practices agreed
in writing between Company and Bank, and Applicable Laws.

		(2)	All materials, documents, communication forms and templates, policies, and procedures relating to the relationship with the
Borrower and that are used by Company to service the Loans owned by Bank (“Servicing Materials”) shall be subject to
the review and approval of Bank. The Servicing Materials may be changed by Company, subject to the review and approval of Bank;
provided, however, that Bank may change the Servicing Materials upon written notice provided to Company but without Company’s
prior written consent, to the extent that Bank determines that such change is required by Applicable Laws or necessitated by safety
and soundness concerns; provided, further, that Bank shall, to the extent reasonably practicable and permissible under Applicable
Laws and safety and soundness concerns, provide at least thirty (30) days’ prior written notice of such change. Company shall
ensure that all Servicing Materials shall comply with Applicable Laws. With respect to the materials, documents, communications
forms and templates, policies, and procedures relating to the relationship with the Borrower and that are used by Company to service
Loans that are not owned by Bank, Bank may review and supervise such matters, and may require changes to such matters if required
by Applicable Laws or necessitated by safety and soundness concerns; provided, that Bank shall, to the extent reasonably practicable
and permissible under Applicable Laws and safety and soundness concerns, provide at least thirty (30) days’ prior written
notice of such change.

    	 	 -4-	 

     

    
		(3)	Upon request of Bank, Company shall deliver to Bank or to a custodian designated by Bank a copy of each Loan File via a secure
method agreed by the Parties. Company shall provide Loan Files for new loans on a daily basis (excluding weekends and bank holidays),
and reconciliation files to update Loan Files on a regular basis as agreed by the Parties.

		(4)	As consideration for Company’s servicing the Loans subject to this Agreement, Bank shall be responsible for paying Company
the Servicing Fee for each Loan subject to this Agreement. Payment of the Servicing Fee shall be effected solely through the determination
of the Holding Period Interest Charge under the Asset Sale Agreement.

		(l)	In consideration of the Marketing Fee, Company shall perform the obligations described in this Section 5 and deliver any customer
communications to Applicants and Borrowers as necessary to carry on the Program, all at Company’s own cost and in accordance
with Applicable Laws.

		6.	Funding Loans.

		(a)	In order to support the administration of the Program on behalf of Bank, Company shall provide a Funding Statement to Bank
by e-mail or as otherwise mutually agreed by the Parties by 1:00 PM Mountain Time on each Funding Date. Each Funding Statement
shall (i) identify those Applicants whose Applications have been reviewed by Company on the Bank’s behalf who satisfy the
requirements of Bank’s Credit Policy for the Program, and (ii) provide the requested Funding Amount to be disbursed by Bank
on such Funding Date, including instructions for the disbursement of Loan Proceeds to each Borrower and/or such Borrower’s
designee, and (iii) provide the aggregate Marketing Fee with respect to the Loans requested for funding by Bank. Bank’s funding
of any Applicant is at all times subject to Bank’s approval as set forth in Section 3. The Funding Statement shall be in
the form of Exhibit E.

    	 	 -5-	 

     

    
		(b)	Subject to timely receipt of the Funding Statement, and receipt from Company of instructions for the disbursement of Loan Proceeds
to each Borrower, Bank shall initiate the disbursement of Loan Proceeds to Borrowers and/or Borrower’s designees in accordance
with the procedures determined by the Parties, by no later than 4:00 PM Mountain Time on each Funding Date.

		(c)	To the extent that the aggregate principal balance of Loans held by Bank (or its Affiliates) would exceed the Program Threshold
Amount following the funding of any Loan, Bank may elect not to fund such Loan. Company may request an increase in the Program
Threshold Amount at any time by providing written notice to Bank, specifying the increased Program Threshold Amount requested and
accompanied by information supporting Company’s conclusion that the proposed increased Program Threshold Amount is reasonably
necessary to support the expected growth in Program volume. Bank shall approve or reject any such request within ten (10) Business
Days, and shall use reasonable best efforts to provide its approval or rejection more quickly.

		(d)	In addition to any other rights or remedies available to Bank under this Agreement or by law, Bank shall have the right to
suspend payments of the Funding Amounts during the period commencing with the occurrence of any monetary default by Company or
PFL, as applicable, under the Program Documents and ending when such condition has been cured, subject to the following:

(1)  if the monetary default
is not material, Bank shall notify Company of such default, and Bank shall not suspend payments of Funding Amounts unless Company
or PFL, as applicable, fails to cure such default within two (2) Business Days of receipt of such notice from Bank; and

(2)  if the monetary default
is material, Bank may suspend payments of the Funding Amounts without giving Company or PFL, as applicable, an opportunity to cure.
For purposes of the foregoing, the failure by Company or PFL, as applicable, to purchase any Assets under the Asset Sale Agreement,
or Company’s or PFL’s breach of its indemnification obligations under the Program Documents, or Company’s or
PFL’s failure to timely deposit money as required by Section (c) of Schedule 2 to the Asset Sale Agreement, or PFL’s
failure to timely deposit loan collections as required by Section 3.03 of the Servicing Agreement, shall be deemed a material default
of the Program Documents.

Notwithstanding Bank’s suspension
rights under this Section, Bank may also exercise any right to terminate this Agreement as permitted herein.

		7.	Representations and Warranties.

		(a)	Bank hereby represents and warrants, as of the date hereof and as of the Effective Date, or covenants, as applicable, to Company
that:

		(1)	Bank is an FDIC-insured Utah-chartered industrial bank, duly organized, validly existing under the laws of the State of Utah
and has full corporate power and authority to execute, deliver, and perform its obligations under this Agreement; the execution,
delivery and performance of this Agreement have been duly authorized, and are not in conflict with and do not violate the terms
of the charter or bylaws of Bank and will not result in a material breach of or constitute a default under, or require any consent
under, any indenture, loan or agreement to which Bank is a party;

    	 	 -6-	 

     

    
		(2)	All approvals, authorizations, licenses, registrations, consents, and other actions by, notices to, and filings with, any Person
that may be required in connection with the execution, delivery, and performance of this Agreement by Bank, have been obtained
(other than those required to be made to or received from Borrowers and Applicants);

		(3)	This Agreement constitutes a legal, valid, and binding obligation of Bank, enforceable against Bank in accordance with its
terms, except (i) as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, receivership,
conservatorship or other similar laws now or hereafter in effect, including the rights and obligations of receivers and conservators
under 12 U.S.C. §§ 1821 (d) and (e), which may affect the enforcement of creditors’ rights in general, and (ii)
as such enforceability may be limited by general principles of equity (whether considered in a suit at law or in equity);

		(4)	There are no proceedings or investigations (other than those previously disclosed to Company by Bank in writing) pending or,
to the best knowledge of Bank, threatened against Bank (i) asserting the invalidity of this Agreement, (ii) seeking to prevent
the consummation of any of the transactions contemplated by Bank pursuant to this Agreement, (iii) seeking any determination or
ruling that, in the reasonable judgment of Bank, would materially and adversely affect the performance by Bank of its obligations
under this Agreement, (iv) seeking any determination or ruling that would materially and adversely affect the validity or enforceability
of this Agreement or (v) would have a materially adverse financial effect on Bank or its operations if resolved adversely to it;

		(5)	Bank is not Insolvent;

		(6)	The execution, delivery and performance of this Agreement by Bank comply with Utah and federal banking laws specifically applicable
to Bank’s operations; provided that Bank makes no representation or warranty regarding compliance with Utah or federal banking
laws relating to consumer protection, consumer lending, usury, loan collections, anti-money laundering, data security or privacy
as they apply to the operation of the Program;

		(7)	To the extent Bank receives non-public personally identifiable information from the Company or the Borrower, Bank will comply
with all Applicable Laws related to the protection and retention of such information; and

		(8)	The Proprietary Materials Bank licenses to Company pursuant to Section 12, and their use as contemplated by this Agreement,
do not violate or infringe upon, or constitute an infringement or misappropriation of, any U.S. patent, copyright or U.S. trademark,
service mark, trade name or trade secret of any person or entity and Bank has the right to grant the licenses set forth in Section
12 below.

		(b)	Company hereby represents and warrants, as of the date hereof and as of the Effective Date, or covenants, as applicable, to
Bank that:

    	 	 -7-	 

     

    
		(1)	Company is a corporation, duly organized and validly existing in good standing under the laws of the State of Delaware, and
has full power and authority to execute, deliver, and perform its obligations under this Agreement; the execution, delivery, and
performance of this Agreement have been duly authorized, and are not in conflict with and do not violate the terms of the articles
or bylaws of Company and will not result in a material breach of or constitute a default under or require any consent under any
indenture, loan, or agreement to which Company is a party;

		(2)	All approvals, authorizations, consents, and other actions by, notices to, and filings with any Person required to be obtained
for the execution, delivery, and performance of this Agreement by Company, have been obtained;

		(3)	This Agreement constitutes a legal, valid, and binding obligation of Company, enforceable against Company in accordance with
its terms, except (i) as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, or
other similar laws now or hereafter in effect, which may affect the enforcement of creditors’ rights in general, and (ii)
as such enforceability may be limited by general principles of equity (whether considered in a suit at law or in equity);

		(4)	There are no proceedings or investigations pending or, to the best knowledge of Company, threatened against Company (i) asserting
the invalidity of this Agreement, (ii) seeking to prevent the consummation of any of the transactions contemplated by Company pursuant
to this Agreement, (iii) seeking any determination or ruling that, in the reasonable judgment of Company, would materially and
adversely affect the performance by Company of its obligations under this Agreement, (iv) seeking any determination or ruling that
would materially and adversely affect the validity or enforceability of this Agreement, or (v) except as set forth on Schedule
7(b)(4), that would have a materially adverse financial effect on Company or its operations if resolved adversely to it;

		(5)	Company is not Insolvent;

		(6)	The execution, delivery and performance of this Agreement by Company, the Consumer Finance Materials, the Servicing Materials,
and the promotional and marketing materials and strategies shall all comply with Applicable Laws;

		(7)	The Proprietary Materials Company licenses to Bank pursuant to Section 12, and their use as contemplated by this Agreement,
do not violate or infringe upon, or constitute an infringement or misappropriation of, any U.S. patent, copyright or U.S. trademark,
service mark, trade name or trade secret of any person or entity and Company has the right to grant the license set forth in Section
12 below; and

		(8)	Company shall comply with Title V of the Gramm-Leach-Bliley Act and the implementing regulations of the FDIC, including but
not limited to applicable limits on the use, disclosure, storage, safeguarding and destruction of Applicant information, and shall
maintain commercially reasonable data security and disaster recovery protections that at the least are consistent with industry
standards for the consumer lending industry.

    	 	 -8-	 

     

    
		(c)	Company hereby represents and warrants to Bank as of each Funding Date that:

		(1)	For each Loan and each disbursement of Loan Proceeds: (i) to the best of Company’s knowledge, all information in the
related Application is true and correct, provided, however, that Company’s representation and warranty in this regard shall
be subject to the following limitations, unless otherwise set forth in the Credit Policy: (A) Company does not verify the self-reported
income, employment and occupation or other information provided by Applicants in listings, (B) each Applicant’s debt-to-income
ratio is determined by Company from a combination of the Applicant’s self-reported income and information from the Applicant’s
credit report and not otherwise verified by Company, (C) credit data that appears in Applications is taken directly from a credit
report obtained on the Applicant from a credit reporting agency, without any review or verification by Company, (D) Company does
not verify any statements by Applicants as to how Loan Proceeds are to be used and does not confirm after loan disbursement how
Loan Proceeds were used, and (E) Applicants’ home ownership status is not verified by Company but is derived from the Applicant’s
credit report, in that if the credit report reflects an active mortgage loan the Applicant is presumed to be a homeowner; (ii)
the Loan is fully enforceable and all required disclosures to Borrowers have been delivered in compliance with Applicable Laws;
(iii) the Loan Agreement and all other Loan documents are genuine and legally binding and enforceable, complete and accurate, conform
to the requirements of the Program, were prepared in conformity with the Program Compliance Manual, and represent the entire agreement
between Bank and Company (on the one hand) and Borrower (on the other hand); (iv) to the knowledge of the Company, the Applicant
has legal capacity to enter into, execute and deliver the Loan Agreement; (v) the terms, covenants and conditions of the Loan have
not been waived, altered, impaired, modified or amended in any respect; (vi) all necessary approvals required to be obtained by
Company have been obtained; (vii) principal payments of, and interest payments on, the Loan are payable to Bank and its successors
and assigns in legal tender of the United States, and are made by the applicable Borrower and not by Company or any of its affiliates;
(viii) the Loan does not contain any provision pursuant to which monthly payments are paid by any source other than the Borrower
or that may constitute a “buydown” provision, and the Loan is not a graduated payment consumer loan, and does not have
a shared appreciation or contingent interest feature; (ix) the Loan is denominated in dollars, and the billing address of the related
Borrower and the bank account used for payments (via ACH or other mutually approved method of transfer) on the Loan are each located
in the United States; (x) Company has fulfilled all of its obligations with respect to the origination of the Loan pursuant to
Bank’s Program; (xi) Company has not advanced funds, or induced, solicited or knowingly received any advance of funds from
a party other than the applicable Borrower, directly or indirectly, for the payment of any amount required by the Loan; (xii) any
automated data processing systems used by or on behalf of Company in connection with Loan origination comply with Applicable Laws;
and (xiii) nothing exists as to the Company or its business that would prohibit the sale of the Loans or Participations by Bank;

		(2)	Each Borrower listed on a Funding Statement is eligible for a Loan under Bank’s Credit Policy; each Borrower has submitted
an Application; and each Loan satisfies the requirements of Bank’s Credit Policy;

    	 	 -9-	 

     

    
		(3)	The origination of the Loan will, assuming performance by Bank of its obligations under this Agreement, comply with all Applicable
Laws;

		(4)	Company has not pledged, assigned, sold, granted a security interest in or otherwise conveyed any of the Loans nor authorized
the filing of, and is not aware of, any financing statements against the Company or Bank that include a description of collateral
covering any portion of the Loans (except for Loans that have been sold by Bank under the Program Documents); the Loan Agreement
or other record that constitutes or evidences a Loan does not and shall not have any marks or notations indicating that it has
been pledged, assigned or otherwise conveyed to any Person (except for Loans that have been sold by Bank under the Program Documents);

		(5)	Assuming performance by Bank of its obligations under this Agreement, all right, title and interest to each Loan shall, upon
origination of such Loan, be vested in Bank, free of any interest of Company except as provided in the Program Documents, and Bank
shall be the sole legal and beneficial owner of such Loan, and have the right to assign, sell and transfer such Loan, free and
clear of any lien or encumbrance in connection with a securitization or otherwise;

		(6)	The Loan constitutes a “payment intangible” within the meaning of Article 9 of the Uniform Commercial Code;

		(7)	The Loan is not subject to the laws of any jurisdiction under which the sale, transfer, assignment, setting over, conveyance
or pledge of such Loan would be unlawful, void, or voidable; Company has not entered into any agreement with the Borrower that
prohibits, restricts or conditions the assignment of such Loan;

		(8)	All information provided by Company to Bank in connection with a Loan or Borrower Account is true and correct (other than information
provided by a Borrower to Company, which is true and correct to the best of Company’s knowledge);

		(9)	Each Loan is readily identifiable by the loan identification number ascribed thereto and no other outstanding Loan has the
same loan identification number; and

		(10)	The information on each Funding Statement provided by Company is true and correct in all respects.

		(d)	The representations and warranties of Bank and Company contained in Sections 7(a) and (b), except those representations and
warranties contained in subsections 7(a)(4) and 7(b)(4), are made continuously throughout the term of this Agreement. In the event
that any investigation or proceeding of the nature described in subsections 7(a)(4) and 7(b)(4) is instituted or threatened against
either Party, such Party shall promptly notify the other Party of the pending or threatened investigation or proceeding (unless
prohibited from doing so by Applicable Laws or the direction of a Regulatory Authority).

		8.	Other Relationships with Borrowers.

    	 	 -10-	 

     

    
		(a)	Separate from the obligation to market Loans offered by Bank, and subject to the Program privacy policy and Applicable Laws,
Company shall have the right, at its own expense, to solicit Applicants and/or Borrowers with offerings of other goods and services
from Company and parties other than Bank, provided, however, that in the event that Company uses Bank’s name and/or Proprietary
Materials in connection with such offerings, Company shall obtain Bank’s prior approval for such use.

		(b)	Except as necessary to carry out its rights and responsibilities under the Program Documents, Bank shall not use Applicant
and/or Borrower information and shall not provide or disclose any Applicant and/or Borrower information to any Person, except to
the extent required to do so under Applicable Laws or legal process.

		(c)	Notwithstanding subsection 8(b), (i) Bank may make solicitations for goods and services to the public, which may include
one or more Applicants or Borrowers; provided that Bank does not (A) target such solicitations to specific Applicants and/or Borrowers,
(B) use or permit a third party to use any list of Applicants and/or Borrowers in connection with such solicitations or (C)
refer to or otherwise use the name of Company; (ii) Bank may make solicitations to Applicants or Borrowers for goods and services
that are not competitive with the Loans; provided that Bank does not refer to or otherwise use the name of Company; and (iii) Bank
shall not be obligated to redact the names of Applicants and/or Borrowers from marketing lists acquired from third parties (e.g.,
subscription lists) that Bank uses for solicitations.

		(d)	The terms of this Section 8 shall survive the expiration or earlier termination of this Agreement.

		9.	Indemnification.

		(a)	Company agrees to defend, indemnify, and hold harmless Bank and its Affiliates, and the officers, directors, employees, representatives,
shareholders, agents and attorneys of such entities (the “Indemnified Parties”) from and against any and all claims,
actions, liability, judgments, damages, costs and expenses, including reasonable attorneys’ fees (“Losses”) to
the extent arising from Bank’s participation in the Program as contemplated by this Agreement (including Losses arising from
a violation of Applicable Laws or a breach by Company or its agents or representatives of any of Company’s representations,
warranties, obligations or undertakings under this Agreement), unless such Loss results from (i) the gross negligence or willful
misconduct of Bank, or (ii) Bank’s failure to timely transfer the Funding Amount to the extent required under Section 6(b),
provided that Company and PFL are not in breach of any of their respective obligations under the Program Documents, including,
but not limited to, PFL’s obligations with respect to the purchase of Loans under the Asset Sale Agreement or Company’s
obligations with respect to the purchase of Loans under the Stand By Purchase Agreement, or (iii) Excluded Servicing Losses.

		(b)	To the extent permitted by Applicable Laws, any Indemnified Party seeking indemnification hereunder shall promptly notify Company,
in writing, of any notice of the assertion by any third party of any claim or of the commencement by any third party of any legal
or regulatory proceeding, arbitration or action, or if the Indemnified Party determines the existence of any such claim or the
commencement by any third party of any such legal or regulatory proceeding, arbitration or action, whether or not the same shall
have been asserted or initiated, in any case with respect to which Company is or may be obligated to provide indemnification (an
“Indemnifiable Claim”), specifying in reasonable detail the nature of the Loss and, if known, the amount or an estimate
of the amount of the Loss; provided, that failure to promptly give such notice shall only limit the liability of Company to the
extent of the actual prejudice, if any, suffered by Company as a result of such failure. The Indemnified Party shall provide to
Company as promptly as practicable thereafter information and documentation reasonably requested by Company to defend against the
Indemnifiable Claim.

    	 	 -11-	 

     

    
		(c)	Company shall have ten (10) days after receipt of any notification of an Indemnifiable Claim (a “Claim Notice”)
to notify the Indemnified Party of Company’s election to assume the defense of the Indemnifiable Claim and, through counsel
of its own choosing, and at its own expense, to commence the settlement or defense thereof, and the Indemnified Party shall cooperate
with Company in connection therewith if such cooperation is so requested and the request is reasonable; provided that Company shall
hold the Indemnified Party harmless from all its reasonable out-of-pocket expenses, including reasonable attorneys’ fees,
incurred in connection with the Indemnified Party’s cooperation; provided, further, that if the Indemnifiable Claim relates
to a matter before a Regulatory Authority, the Indemnified Party may elect, upon notice to Company, to assume the defense of the
Indemnifiable Claim at the cost of and with the cooperation of Company. If the Company assumes responsibility for the settlement
or defense of any such claim, (i) Company shall permit the Indemnified Party to participate at the Indemnified Party’s
expense in such settlement or defense through counsel chosen by the Indemnified Party; provided that, in the event that both Company
and the Indemnified Party are defendants in the proceeding and the Indemnified Party shall have reasonably determined and notified
Company that representation of both parties by the same counsel would be inappropriate due to the actual or potential differing
interests between them, then the fees and expenses of one such counsel for all Indemnified Parties in the aggregate shall be borne
by Company; and (ii) Company shall not settle any Indemnifiable Claim without the Indemnified Party’s consent.

		(d)	If the Company does not notify the Indemnified Party within ten (10) days after receipt of the Claim Notice that it elects
to undertake the defense of the Indemnifiable Claim described therein, or if Company fails to contest vigorously any such Indemnifiable
Claim, or if the Indemnified Party elects to control the defense of an Indemnifiable Claim as permitted by Section 9(c), then,
in each case, the Indemnified Party shall have the right, upon notice to the Company, to contest, settle or compromise the Indemnifiable
Claim in the exercise of its reasonable discretion; provided that the Indemnified Party shall notify Company prior thereto of any
compromise or settlement of any such Indemnifiable Claim. No action taken by the Indemnified Party pursuant to this paragraph (d)
shall deprive the Indemnified Party of its rights to indemnification pursuant to this Section 9.

		(e)	All amounts due under this Section 9 shall be payable not later than ten (10) days after written demand therefor.

		(f)	The terms of this Section 9 shall survive the expiration or earlier termination of this Agreement.

    	 	 -12-	 

     

    
		10.	Term and Termination.

		(a)	This Agreement shall have an initial term beginning on the Effective Date and ending three (3) years thereafter (the “Initial
Term”) and shall renew automatically for one (1) successive term of one (1) year (the “Renewal Term,” collectively,
the Initial Term and Renewal Term shall be referred to as the “Term”), unless either Party provides notice of non-renewal
to the other Party at least ninety (90) days prior to the end of the Initial Term or this Agreement is earlier terminated in accordance
with the provisions hereof.

		(b)	This Agreement shall terminate immediately upon the expiration or earlier termination of the Asset Sale Agreement, the Stand
By Purchase Agreement, or the Servicing Agreement.

		(c)	Bank shall have a right to terminate this Agreement immediately upon written notice to Company if:

		(1)	based upon the opinion of counsel, Bank’s continued participation in the Program would be in violation of Applicable
Law or has been prohibited pursuant to an order or other action, including any letter or directive of any kind, by a Regulatory
Authority;

		(2)	a Regulatory Authority with jurisdiction over Bank has provided, formally or informally, concerns about the Program and Bank
determines, in its sole discretion, and based upon the opinion of counsel, that its rights and remedies under this Agreement are
not sufficient to protect Bank fully against the potential consequences of such concerns;

		(3)	a fine or penalty has been assessed against Bank by a Regulatory Authority of Bank, or a material fine or penalty has been
assessed by any other Regulatory Authority, in connection with the Program, including as a result of a consent order or stipulated
judgment;

		(4)	(i) Company defaults on its obligation to make a payment to Bank as provided in Section 2 of the Stand By Purchase Agreement
or Section 3.03 of the Servicing Agreement and fails to cure such default within one (1) Business Day of receiving notice of such
default from Bank; (ii) Company defaults on its obligation to make a payment to Bank as provided in Section 2 of the Stand By Purchase
Agreement or Section 3.03 of the Servicing Agreement more than once in any three (3) month period; or (iii) Company fails to maintain
the Required Balance in the Collateral Account as required by Section 31 of the Stand By Purchase Agreement; or

		(5)	there is a Change of Control of Company. Company shall provide written notice to Bank of any expected or anticipated Change
of Control of Company not later than thirty (30) days prior to the effective date of such Change of Control.

		(d)	A Party shall have a right to terminate this Agreement immediately upon written notice to the other Party in any of the following
circumstances:

		(1)	any representation or warranty made by the other Party in this Agreement shall be incorrect in any material respect and shall
not have been corrected within thirty (30) Business Days after written notice thereof has been given to such other Party;

    	 	 -13-	 

     

    
		(2)	the other Party shall default in the performance of any obligation or undertaking under this Agreement and such default shall
continue for thirty (30) Business Days after written notice thereof has been given to such other Party;

		(3)	the other Party shall commence a voluntary case or other proceeding seeking liquidation, reorganization, or other relief with
respect to itself or its debts under any bankruptcy, insolvency, receivership, conservatorship or other similar law now or hereafter
in effect or seeking the appointment of a trustee, receiver, liquidator, conservator, custodian, or other similar official of it
or any substantial part of its property, or shall consent to any such relief or to the appointment of a trustee, receiver, liquidator,
conservator, custodian, or other similar official or to any involuntary case or other proceeding commenced against it, or shall
make a general assignment for the benefit of creditors, or shall fail generally to pay its debts as they become due, or shall take
any corporate action to authorize any of the foregoing;

		(4)	an involuntary case or other proceeding, whether pursuant to banking regulations or otherwise, shall be commenced against the
other Party seeking liquidation, reorganization, or other relief with respect to it or its debts under any bankruptcy, insolvency,
receivership, conservatorship or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver,
liquidator, conservator, custodian, or other similar official of it or any substantial part of its property; or an order for relief
shall be entered against either Party under the federal bankruptcy laws as now or hereafter in effect; or

		(5)	there is a material adverse change in the financial condition of the other Party.

		(e)	Bank shall not be obligated to approve Applications or establish new Loans after termination of this Agreement; provided, that
Bank may originate Loans to Applicants to whom Bank has assumed a legally binding duty to fund a loan prior to termination, unless
this Agreement is terminated pursuant to subsection 10(c) or 10(h) or by Bank pursuant to subsection 10(d).

		(f)	The termination of this Agreement either in part or in whole shall not discharge any Party from any obligation incurred prior
to such termination.

		(g)	Company’s failure to obtain the approval of Bank as required by Sections 2(a)(1), 4 or 30, and Company’s failure
to provide any notice required by Section 32, shall each constitute a material breach of this Agreement.

		(h)	Bank may terminate this Agreement immediately upon written notice to Company if Bank incurs any Loss that would have been subject
to indemnification under Section 9(a) but for the application of Applicable Laws that limit or restrict Bank’s ability to
seek such indemnification.

		(i)	Company may terminate this Agreement immediately upon written notice to Bank if Bank defaults on its obligation to disburse
Loan Proceeds to Borrowers as provided in Section 6(b) of this Agreement and such failure is not cured by Bank within two (2) days
after Company provides notice of such default to Bank, provided, that Company may not exercise a right of termination if the disbursement
is not completed or is reversed due to matters beyond Bank’s control, or if Company has not complied with its obligation
(including the obligation to deliver the Funding Statement), or if there are errors in the Funding Statement.

    	 	 -14-	 

     

    
		(j)	The terms of this Section 10 shall survive the expiration or earlier termination of this Agreement.

		11.	Confidentiality.

		(a)	Each Party agrees that Confidential Information of the other Party shall be used by such Party solely in the performance
of its obligations and exercise of its rights pursuant to the Program Documents. Except as required by Applicable Laws or legal
process, neither Party (the “Restricted Party”) shall disclose Confidential Information of the other Party to third
parties; provided, however, that the Restricted Party may disclose Confidential Information of the other Party (i) to the Restricted
Party’s Affiliates, agents, representatives or subcontractors for the sole purpose of fulfilling the Restricted Party’s
obligations under this Agreement (as long as the Restricted Party exercises reasonable efforts to prohibit any further disclosure
by its Affiliates, agents, representatives or subcontractors), provided that in all events, the Restricted Party shall be responsible
for any breach of the confidentiality obligations hereunder by any of its Affiliates, agents (other than Company as agent for Bank),
representatives or subcontractors, (ii) to the Restricted Party’s auditors, accountants and other professional advisors (provided
such receiving party is subject to confidentiality obligations at least as stringent as those set forth herein and the Restricted
Party shall be responsible for any breach of confidentiality obligations by such receiving party), or to a Regulatory Authority
or (iii) to any other third party as mutually agreed by the Parties.

		(b)	A Party’s Confidential Information shall not include information that:

		(1)	is generally available to the public;

		(2)	has become publicly known, without fault on the part of the Party who now seeks to disclose such information (the “Disclosing
Party”), subsequent to the Disclosing Party acquiring the information;

		(3)	was otherwise known by, or available to, the Disclosing Party prior to entering into this Agreement; or

		(4)	becomes available to the Disclosing Party on a non-confidential basis from a Person, other than a Party to this Agreement,
who is not known by the Disclosing Party after reasonable inquiry to be bound by a confidentiality agreement with the non-Disclosing
Party or otherwise prohibited from transmitting the information to the Disclosing Party.

		(c)	Upon written request or upon the termination of this Agreement, each Party shall, within thirty (30) days, return to the other
Party all Confidential Information of the other Party in its possession that is in written form, including by way of example, but
not limited to, reports, plans, and manuals; provided, however, that either Party may maintain in its possession all such Confidential
Information of the other Party required to be maintained under Applicable Laws relating to the retention of records for the period
of time required thereunder or stored on such Party’s network as part of standard back-up procedures (provided that such
information shall remain subject to the confidentiality provisions of this Section 11).

    	 	 -15-	 

     

    
		(d)	In the event that a Restricted Party is requested or required (by oral questions, interrogatories, requests for information
or documents, subpoena, civil investigative demand or similar process) to disclose any Confidential Information of the other Party,
the Restricted Party shall provide the other Party with prompt notice of such request(s) so that the other Party may seek an appropriate
protective order or other appropriate remedy and/or waive the Restricted Party’s compliance with the provisions of this Agreement.
In the event that the other Party does not seek such a protective order or other remedy, or such protective order or other remedy
is not obtained, or the other Party grants a waiver hereunder, the Restricted Party may furnish that portion (and only that portion)
of the Confidential Information of the other Party which the Restricted Party is legally compelled to disclose and shall exercise
such efforts to obtain reasonable assurance that confidential treatment shall be accorded any Confidential Information of the other
Party so furnished as the Restricted Party would exercise in assuring the confidentiality of any of its own Confidential Information.

		(e)	Company shall obtain Bank’s pre-approval of any identification of Bank by name or any description of the Program or the
terms of the Program Documents in any publicly filed or widely disseminated documents.

		(f)	The terms of this Section 11 shall survive the expiration or earlier termination of this Agreement.

		12.	Proprietary Material.

		(a)	Each Party (“Licensing Party”) hereby provides the other Party (“Licensee”) with a non-exclusive right
and license to use and reproduce the Licensing Party’s name, logo, registered or other trademarks and service marks (collectively,
“Marks”) on the Applications, Loan Agreements, and other Consumer Finance Materials (including the Program Website),
Program marketing materials, and any other publicly distributed or available Program materials, and to otherwise use the Marks
and such copyrights, patents, and other intellectual property as the Licensing Party may designate or otherwise make available
from time to time in the Licensing Party’s sole discretion (collectively with the Marks, “Proprietary Material”)
for the purposes of or otherwise in connection with the fulfillment of Licensee’s obligations under this Agreement; provided,
however, that (i) the Licensee shall at all times comply with any and all written instructions provided by the Licensing Party
from time to time regarding the use of the Licensing Party’s Proprietary Material, and (ii) each Licensee acknowledges that,
except for the license specifically provided in this Agreement, it shall acquire no interest in the Licensing Party’s Proprietary
Material. Upon termination of this Agreement, each such license will terminate, and the Licensee shall cease using the Licensing
Party’s Proprietary Material. Neither Party may use the other Party’s Marks in any press release without the prior
written consent of the other Party.

		(b)	Bank hereby acknowledges and agrees that, as between Bank and Company (i) as of the Effective Date, Company is the sole and
exclusive owner of all pre-existing Marks, copyrights, patents, other intellectual property rights, software, other technology,
and other tangible and intangible property used on or in connection with the Program Website, and its Company run predecessors;
and (ii) Company shall be the sole and exclusive owner of any and all modifications to such tangible and intangible property during
the Term of this Agreement, including but not limited to any and all trademark, service mark, copyright, patent, and other intellectual
property rights in and to such modifications, except as the Parties may otherwise agree in writing. For avoidance of doubt, Company
shall not obtain any rights in Bank’s Marks (other than the license described in subsection 12(a)) by virtue of incorporation
of Bank’s Marks into the Program Website.

    	 	 -16-	 

     

    
		13.	Relationship of Parties. The Parties agree that in performing their respective responsibilities pursuant to this Agreement,
they are in the position of independent contractors. This Agreement is not intended to create, nor does it create and shall not
be construed to create, a relationship of partner or joint venturer or any association for profit between Bank and Company.

		14.	Expenses.

		(a)	Except as set forth herein, each Party shall bear the costs and expenses of performing its obligations under this Agreement.

		(b)	Company shall reimburse Bank for all third party fees incurred by Bank in connection with the performance of the Program Documents.
Bank shall provide Company with notice of third party fees to be incurred by Bank in connection with performance of the Program
Documents as soon as practicable after Bank becomes aware of such fees.

		(c)	Company shall pay all costs of any credit reports it obtains on Applicants or Borrowers and any adverse action notices it delivers
to Applicants or Borrowers in accordance with Company’s Application processing responsibilities under this Agreement.

		(d)	Each Party shall be responsible for payment of any federal, state, or local taxes or assessments associated with the performance
of its obligations under this Agreement and for compliance with all filing, registration and other requirements with regard thereto.

		(e)	Company shall be responsible for (i) all of Bank’s out-of-pocket legal fees directly related to the Program, including
Bank’s attorneys’ fees and expenses in connection with the preparation, negotiation, execution, and delivery of the
Program Documents; any amendment, modification, administration, collection and enforcement of the Program Documents; any modification
of the Consumer Finance Materials or other documents or disclosures related to the Program; or any dispute or litigation arising
out of or related to the Program; and (ii) all of Bank’s out-of-pocket costs and expenses for any other third-party professional
services related to the Program, including the services of any third-party compliance specialists in connection with Bank’s
preparation of policies and procedures and Bank’s review of the Program. To the extent that such fees are expected to exceed
[***], Bank will provide oral or email notification to the extent reasonably practicable. Bank shall invoice Company for
such fees. Company shall pay such invoice within thirty (30) days of receipt of such invoice.

		(f)	Company shall reimburse Bank for all reasonable costs associated with Bank’s assignment to Company of Loans pursuant
to Section 10.

    	 	 -17-	 

     

    
		15.	Examination. Each Party agrees to submit to any examination that may be required by a Regulatory Authority having jurisdiction
over the other Party, during regular business hours and upon reasonable prior notice, and to otherwise provide reasonable cooperation
to the other Party in responding to such Regulatory Authority’s inquiries and requests related to the Program.

		16.	Inspection; Reports. Each Party, upon reasonable prior notice from the other Party, agrees to submit to an inspection
of its books, records, accounts, and facilities relevant to the Program, from time to time, during regular business hours subject
to the duty of confidentiality each Party owes to its customers and banking secrecy and confidentiality requirements otherwise
applicable to each Party under Applicable Laws. All expenses of inspection shall be borne by the Party conducting the inspection.
Notwithstanding the obligation of each Party to bear its own expenses of inspection, Company shall reimburse Bank for reasonable
out of pocket expenses incurred by Bank in the performance of periodic on site reviews of Company’s financial condition,
operations and internal controls. Company shall store all documentation and electronic data related to its performance under this
Agreement and shall make such documentation and data available during any inspection by Bank or its designee. With such reasonable
frequency and in such reasonable manner as requested by Bank, Company shall report to Bank regarding the performance of its obligations
and the Program.

		17.	Governing Law; Waiver of Jury Trial. This Agreement shall be interpreted and construed in accordance with the laws of
the State of Utah, without giving effect to the rules, policies, or principles thereof with respect to conflicts of laws. THE PARTIES
HEREBY EXPRESSLY WAIVE ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING HEREUNDER. The terms
of this Section 17 shall survive the expiration or earlier termination of this Agreement.

		18.	Severability. Any provision of this Agreement which is deemed invalid, illegal or unenforceable in any jurisdiction,
shall, as to that jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability, without affecting
in any way the remaining portions hereof in such jurisdiction or rendering such provision or any other provision of this Agreement
invalid, illegal, or unenforceable in any other jurisdiction.

		19.	Assignment. This Agreement and the rights and obligations created under it shall be binding upon and inure solely to
the benefit of the Parties and their respective successors, and permitted assigns. Neither Party shall be entitled to assign or
transfer any interest under this Agreement (including by operation of law) without the prior written consent of the other Party,
which shall not be unreasonable withheld or delayed. No assignment made in conformity with this Section 19 shall relieve a Party
of its obligations under this Agreement.

		20.	Third Party Beneficiaries. Nothing contained herein shall be construed as creating a third-party beneficiary relationship
between either Party and any other Person.

		21.	Notices. All notices and other communications that are required or may be given in connection with this Agreement shall
be in writing and shall be deemed received (a) on the day delivered, if delivered by hand; (b) on the day transmitted, if transmitted
by e-mail during business hours; or (c) one (1) business days after the date of deposit with a nationally recognized overnight
courier for delivery at the following address, or such other address as either Party shall specify in a notice to the other:

    	 	 -18-	 

     

    

 

 

	To Bank:	WebBank
	 	Attn: Senior Vice President – StrategicPartners
	 	215 S. State Street, Suite 1000
	 	Salt Lake City, UT 84111
	 	Tel. (801) 456-8398
	 	Email: strategicpartnerships@webbank.com
	 	 
	 	With a copy to:
	 	WebBank
	 	Attn: Chief Compliance Officer
	 	215 S. State Street, Suite 1000
	 	Salt Lake City, UT 84111
	 	Tel. (801) 456-8363
	 	Email: complianceofficer@webbank.com
	 	 
	 	 
	To Company:	Prosper Marketplace, Inc.
	 	221 Main Street, Suite 300
	 	San Francisco, CA 94105
	 	Attn: Sachin Adarkar
	 	E-mail Address: sadarkar@prosper.com and 

                             legalnotices@prosper.com
	 	Telephone: (415) 593-5433

 

 

		22.	Amendment and Waiver. This Agreement may be amended only by a written instrument signed by each of the Parties. The
failure of a Party to require the performance of any term of this Agreement or the waiver by a Party of any default under this
Agreement shall not prevent a subsequent enforcement of such term and shall not be deemed a waiver of any subsequent breach. All
waivers must be in writing and signed by the Party against whom the waiver is to be enforced.

		23.	Entire Agreement. The Program Documents, including this Agreement and its schedules and exhibits (all of which schedules
and exhibits are hereby incorporated into this Agreement), constitute the entire agreement between the Parties with respect to
the subject matter hereof, and supersede any prior or contemporaneous negotiations or oral or written agreements with regard to
the same subject matter.

		24.	Counterparts. This Agreement may be executed and delivered by the Parties in any number of counterparts, and by different
parties on separate counterparts, each of which counterpart shall be deemed to be an original and all of which counterparts, taken
together, shall constitute but one and the same instrument.

		25.	Interpretation. The Parties acknowledge that each Party and its counsel have reviewed and revised this Agreement and
that the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not
be employed in the interpretation of this Agreement or any amendments thereto, and the same shall be construed neither for nor
against either Party, but shall be given a reasonable interpretation in accordance with the plain meaning of its terms and the
intent of the Parties.

		26.	Agreement Subject to Applicable Laws. If (a) either Party has been advised by legal counsel of a change in Applicable
Laws or any judicial decision of a court having jurisdiction over such Party or any interpretation of a Regulatory Authority that,
in the view of such legal counsel, would have a materially adverse effect on the rights or obligations of such Party under this
Agreement or the financial condition of such Party, (b) either Party receives a request of any Regulatory Authority having jurisdiction
over such Party, including any letter or directive of any kind from any such Regulatory Authority, that prohibits or restricts
such Party from carrying out its obligations under this Agreement, or (c) either Party has been advised by legal counsel that there
is a material risk that such Party’s or the other Party’s continued performance under this Agreement would violate
Applicable Laws, then the Parties shall meet and consider in good faith any modifications, changes or additions to the Program
or the Program Documents that may be necessary to eliminate such result. Notwithstanding any other provision of the Program Documents,
including Section 10 hereof, if the Parties are unable to reach agreement regarding such modifications, changes or additions to
the Program or the Program Documents within [***] after the Parties initially meet, either Party may terminate this Agreement
upon [***] prior written notice to the other Party. A Party may suspend performance of its obligations under this Agreement,
or require the other Party to suspend its performance of its obligations under this Agreement, upon providing the other Party advance
written notice, if any event described in subsections 26(a), (b) or (c) above occurs.

    	 	 -19-	 

     

    
		27.	Force Majeure. If any Party is unable to carry out the whole or any part of its obligations under this Agreement by
reason of a Force Majeure Event, then the performance of the obligations under this Agreement of such Party as they are affected
by such cause shall be excused during the continuance of the inability so caused, except that should such inability not be remedied
within thirty (30) days after the date of such cause, the Party not so affected may at any time after the expiration of such thirty
(30) day period, during the continuance of such inability, terminate this Agreement on giving written notice to the other Party
and without payment of a termination fee or other penalty. To the extent that the Party not affected by a Force Majeure Event is
unable to carry out the whole or any part of its obligations under this Agreement because a prerequisite obligation of the Party
so affected has not been performed, the Party not affected by a Force Majeure Event also is excused from such performance during
such period. A “Force Majeure Event” as used in this Agreement shall mean an unanticipated event that is not reasonably
within the control of the affected Party or its subcontractors (including, but not limited to, acts of God, acts of governmental
authorities, strikes, war, riot and any other causes of such nature), and which by exercise of reasonable due diligence, such affected
Party or its subcontractors could not reasonably have been expected to avoid, overcome or obtain, or cause to be obtained, a commercially
reasonable substitute therefore. No Party shall be relieved of its obligations hereunder if its failure of performance is due to
removable or remediable causes which such Party fails to remove or remedy using commercially reasonable efforts within a reasonable
time period. Either Party rendered unable to fulfill any of its obligations under this Agreement by reason of a Force Majeure Event
shall give prompt notice of such fact to the other Party, followed by written confirmation of notice, and shall exercise due diligence
to remove such inability with all reasonable dispatch.

		28.	Jurisdiction; Venue. The Parties consent to the personal jurisdiction and venue of the federal and state courts in Salt
Lake City, Utah for any court action or proceeding. The terms of this Section 28 shall survive the expiration or earlier termination
of this Agreement.

		29.	Insurance. Company agrees to maintain insurance coverage on the terms and conditions specified in Exhibit F
at all times during the term of this Agreement and to notify Bank promptly of any cancellation or lapse of any such insurance coverage.

		30.	Compliance with Applicable Laws; Program Compliance Manual. Company shall comply with Applicable Laws, the Bank Secrecy
Act Policy and the Program Compliance Manual in its performance of the Program pursuant to this Agreement, including Loan solicitation,
Application processing and preparation of Loan Agreements and other Loan documents. The Program Compliance Manual shall not be
changed without the prior written consent of both Parties, which consent shall not be unreasonably withheld or delayed; provided,
however, that Bank may change the Program Compliance Manual upon written notice provided to Company but without Company’s
prior written consent, to the extent that such change is required by Applicable Laws, or to the extent that Bank determines such
change is necessitated by safety and soundness concerns. A copy of the Program Compliance Manual is attached hereto as Exhibit
G. Without limiting the foregoing, Company shall:

    	 	 -20-	 

     

    
		(a)	apply to all Applicants customer identification procedures that comply with Section 326 of the USA PATRIOT Act of 2001 (“Patriot
Act”) and the implementing regulations applicable to Bank (31 C.F.R. § 1020.220);

		(b)	retain for five (5) years after a Loan is repaid or terminated, and deliver to Bank upon request: (i) the Applicant’s
name, address, social security number, and date of birth obtained pursuant to such customer identification procedures; (ii) a description
of the methods and the results of any measures undertaken to verify the identity of the Applicant; and (iii) a description of the
resolution of any substantive discrepancy discovered when verifying the identifying information obtained;

		(c)	screen all Applicants against the Office of Foreign Assets Control list of Specially Designated Nationals and Blocked Persons,
and reject any Applicant whose name appears on such list and notify Bank thereof;

		(d)	monitor, identify and report to Bank any suspicious activity that meets the thresholds for submitting a Suspicious Activity
Report under the Bank Secrecy Act and the implementing regulations applicable to Bank (31 C.F.R. § 1020.320);

		(e)	implement an anti-money laundering program to assist Bank in its compliance with Section 352 of the Patriot Act and the implementing
regulations applicable to Bank (31 C.F.R. § 1020.210);

		(f)	in addition to the information retained pursuant to subsection (b) above, retain the account number identifying a Borrower’s
Loan for at least one (1) year after the Loan is repaid or terminated;

		(g)	upon receipt of a government information request forwarded by Bank to Company, (i) compare the names, addresses, and social
security numbers on such government list provided by Bank with the names, addresses, and social security numbers of Borrowers for
all Loans purchased from Bank within the prior twelve (12) months, and (ii) within one (1) week of receipt of such an information
request, deliver to Bank a certification of completion of such a records search, which shall indicate whether Company located a
name, address, or social security number match and, if so, provide for any such match: the name of the Borrower, the account number
identifying the Borrower’s Loan, and the Borrower’s social security number, date of birth, address, or other similar
identifying information provided by the Borrower, to assist Bank in its compliance with Section 314(a) of the Patriot Act and the
implementing regulations applicable to Bank (31 C.F.R. § 1010.520);

		(h)	provide to Bank electronic copies of the information retained pursuant to subsections (b) and (g) above as mutually agreed
to by the Parties, immediately upon request;

    	 	 -21-	 

     

    
		(i)	(i) maintain policies and procedures in a form approved by Bank (“Red Flags Policy”) to (1) detect relevant red
flags that may arise in the performance of Company’s obligations, (2) take appropriate steps to address such red flags and
to prevent and mitigate the effect of identity theft, (3) report to Bank on such policies and procedures on a regular basis, and
(4) otherwise assist Bank in complying with the provisions of § 605A of the Fair Credit Reporting Act, 15 U.S.C. § 1681c-1,
and applicable implementing regulations; (ii) identify a program administrator responsible for the Red Flags Policy; (iii) conduct
annual training regarding the Red Flags Policy; and (iv) provide a written report regarding the Red Flags Policy no less frequently
than annually, by the date designated by the Bank, which report shall (1) address material matters related to the program, (2)
evaluate issues such as the effectiveness of the Red Flags Policy in addressing the risk of identity theft in connection with the
opening of covered accounts and with respect to existing covered accounts, (3) identify service provider arrangements, (4) identify
significant incidents involving identity theft and management's response, and (5) provide recommendations for material changes
to the Red Flags Policy;

		(j)	develop and implement a compliance management system (“CMS”) to provide an internal control process for the business
functions and processes directed towards Applicants and Borrowers, the elements of which CMS shall include (i) an overall policy
statement governing the CMS, (ii) specific procedures for approvals of additions or changes to the CMS, including a description
of items subject to the CMS, a process for internal review and approval by Company and its legal counsel, and a process for internal
review and approval by Bank and its legal counsel, and (iii) documentation of Company’s testing process, including testing/review
of Company’s website and user acceptance testing (UAT); the scope of the CMS shall include, at a minimum, the Consumer Finance
Materials, all policy changes, new products, advertisements, press releases, and the website(s) used in connection with the Program;

		(k)	maintain a compliance training program for its officers, directors, employees, and agents that is acceptable to Bank; as part
of the program, Company shall, subject in each case to the approval of Bank, (i) identify applicable Company officers, directors,
employees, and agents and assign appropriate training courses to each and (ii) determine a schedule of each training course and
when each applicable officer, director, employee, and agent shall take each such course; Company shall provide reports to Bank
regarding the compliance training program on a quarterly basis or, if requested by Bank, more frequently;

		(l)	designate a dedicated compliance officer for purposes of the Program, acceptable to Bank, who shall oversee reviews of Company’s
compliance with laws and regulations that may be applicable, including, to the extent applicable, the Fair Credit Reporting Act,
the Equal Credit Opportunity Act, the Fair Debt Collection Practices Act, the Truth-in-Lending Act and Regulation Z, the Federal
Trade Commission (FTC) Act, the Consumer Financial Protection Act, and laws prohibiting unfair, deceptive, or abusive acts or practices;
and, in the event of the termination of the employment of the compliance officer, promptly employ a replacement compliance officer
acceptable to Bank;

    	 	 -22-	 

     

    
		(m)	cooperate with and bear the expenses of a compliance audit of the Program on an annual basis (including the model governance
of Company’s proprietary credit model(s)), and such other audits as may be requested by Bank from time to time in its reasonable
discretion, in each case to be conducted by a third-party audit firm that is selected by and reports to Bank; the scope of each
audit shall be determined by Bank (considering in good faith input received by Company); Bank shall receive all draft and final
reports of the audit firm and shall be included in any meetings or correspondence related to the audit; the auditor shall deliver
the final audit report to Bank, and Bank shall provide a copy of the report to Company; Company may not share a copy of the report
with any third party without the advance written consent of Bank;

		(n)	provide to Bank, on an annual basis in writing, a report by the compliance officer of the results of all audits and reviews
of the Program, and significant issues to be addressed (if any), as well as Company’s resolutions of such issues (if applicable);
and

Company will provide to Bank a certification
letter, each quarter, that it is complying with its obligations under this section. Bank will comply with any reporting requirements
of the Utah Department of Financial Institutions or the FDIC applicable to Bank’s performance of this Agreement. The terms
of subsections (b), (f) and (g) of this section 30 shall survive the expiration or earlier termination of this Agreement.

 

		31.	Prohibition on Tie-In Fees. Company shall not directly or indirectly impose or collect any fees, charges or remuneration
relating to the processing or approval of an Application, the establishment of a Loan, or the disbursement of Loan Proceeds, unless
such fee, charge or remuneration is set forth in the Consumer Finance Materials or approved by Bank.

		32.	Notice of Consumer Complaints and Regulatory Inquiries.

		(a)	Company shall notify Bank if it becomes aware of any inquiries, investigations, proceedings or questions (whether verbal or
written, formal or informal) by any state attorney general, Regulatory Authority, government figure (including a state or federal
legislator) or the Better Business Bureau or similar organization, or of any other communication with any Regulatory Authority,
relating to any aspect of the Program (collectively, “Regulatory Inquiries”), or of any customer complaint that is
directed or referred to any Regulatory Authority, government figure (including a state or federal legislator), or the Better Business
Bureau or similar organization, relating to any aspect of the Program (collectively, “Consumer Complaints”) within
five (5) Business Days of becoming aware of such Regulatory Inquiries or Consumer Complaints (or, in the case of communications
with any Regulatory Authority initiated by Company, at least five (5) Business Days in advance).

		(b)	For Regulatory Inquiries with or Consumer Complaints referred by [***], (i) Company shall provide Bank with all documentation
relating thereto, subject to any legal prohibitions on disclosure of such investigation or proceeding, and (ii) Company shall obtain
Bank’s prior approval of any communication in connection with any such Regulatory Inquiry or Consumer Complaint, which approval
shall not be unreasonably withheld or delayed.

    	 	 -23-	 

     

    
		(c)	[***]

		(d)	[***]

		(e)	Company shall establish a complaint management program to address all Consumer Complaints received by Company regarding the
Program that is governed by a written policy, all in a manner that is subject to the approval of Bank. The complaint management
program shall provide for root cause analysis of complaints as well as mitigation steps. The complaint management program developed
by the Parties may provide for exceptions to the notice and approval requirements in this Section 32 for particular types of complaints.
In addition, Company shall provide Bank with periodic reporting, in a form and on a schedule mutually agreed upon by the Parties,
summarizing customer complaints received by Company and the resolution thereof by Company relating to the Program. Company shall
cooperate in good faith and provide such assistance, at Bank’s request, to permit Bank to promptly resolve or address any
investigation, proceeding, or complaint.

		(f)	Company shall also notify Bank of any material litigation relating to the Program, and provide reporting of all litigation
relating to the Program, including updates as reasonably requested by Bank and where appropriate, subject to attorney-client privilege.

		(g)	[***]

		33.	Headings. Captions and headings in this Agreement are for convenience only, and are not to be deemed part
of this Agreement.

		34.	Privacy Law Compliance. Subject to Applicable Laws, Bank and Company shall comply with the privacy policy agreed upon
by both Parties with respect to Applicants and Borrowers.

		35.	Manner of Payments. Unless the manner of payment is expressly provided herein, all payments under this Agreement shall
be made by wire transfer to the bank accounts designated by the respective Parties. Notwithstanding anything to the contrary contained
herein, neither Party shall fail to make any payment required of it under this Agreement as a result of a breach or alleged breach
by the other Party of any of its obligations under this Agreement or any other agreement, provided that the making of any payment
hereunder shall not constitute a waiver by the Party making the payment of any rights it may have under the Program Documents or
by law.

		36.	Referrals. Neither Party has agreed to pay any fee or commission to any agent, broker, finder, or other person for or
on account of such person’s services rendered in connection with this Agreement that would give rise to any valid claim against
the other Party for any commission, finder’s fee or like payment.

		37.	Financial Statements. (a) Within ninety (90) days following the end of Company’s fiscal year, Company shall deliver
to Bank a copy of Company’s audited financial statements prepared by an independent certified public accountant, and (b)
within forty-five (45) days following the end of each of Company’s fiscal quarters (other than year-end), Company shall deliver
to Bank a copy of Company’s unaudited financial statements, in each case as of the year or quarter then ended and prepared
in accordance with generally accepted accounting principles; provided that, as long as Company is required to file periodic reports
under the Securities Exchange Act of 1934, such filings shall satisfy the financial statement delivery requirements set forth above.
Company shall also deliver such additional unaudited financial statements and other information as Bank may request from time to
time, within a reasonable period of time following such request. Company shall deliver its financial forecasts and projections
for each year not later than January 31 of such year (or, if earlier, when approved by Company’s Board of Directors).

    	 	 -24-	 

     

    
		38.	Information Security.

		(a)	In connection with the Program, Company shall be responsible for maintaining an information security program that is designed,
after consulting with Bank, to: (i) ensure the security and confidentiality of Applicant or Borrower information held on behalf
of Bank; (ii) protect against any anticipated and emergent threats or hazards to security or integrity of such information held
on behalf of Bank; (iii) protect against unauthorized access to or use of such information held on behalf of Bank that could result
in substantial harm or inconvenience to any Applicant or Borrower; and (iv) ensure the proper disposal of customer information.

		(b)	At least once annually, Company shall conduct an information technology audit consistent with banking industry practices, which
shall include review of Company’s information security program. Such audit shall be conducted by a third-party audit firm
that is acceptable to Bank; the scope of each audit shall be subject to the advance approval of Bank. Company shall promptly provide
a copy of the audit report. Company shall promptly take action to correct any errors or deficiencies identified in any report or
audit described in this Section 38, unless Bank agrees that correction is not required, and shall develop, with the approval of
Bank, a schedule for the correction of such errors and deficiencies.

		(c)	Company shall immediately (and in any event within one (1) Business Day after becoming aware) notify Bank of any actual, suspected
or threatened breach in information security involving personally identifiable information of Applicants or Borrowers. In any such
event Company agrees that it will fully cooperate with Bank in investigating any such breach or unauthorized access. With respect
to any such breach in data security, Company agrees to take action promptly, at its own expense, to investigate the breach, to
identify, mitigate and remediate the effects of the breach and to implement any other reasonable and appropriate measures in response
to the breach. Company will also provide Bank with all available information regarding such breach to assist Bank in implementing
its information security response program and, if applicable, in notifying affected Applicants or Borrowers. Company shall pay
for the costs of any such notification, which notification shall be subject to the advance consent of Bank.

		39.	Disaster Recovery and Business Continuity. Company shall maintain a disaster recovery and business continuity program
and related policies acceptable to Bank (collectively, the “Business Continuity Plans”). Company agrees that such Business
Continuity Plans shall be at least consistent with industry standards for the consumer and small business lending industry and
in compliance with all Applicable Laws. Company shall test its Business Continuity Plans at least once annually, and shall promptly
provide Bank a copy of the report of such tests.

		40.	Minimum Obligations. The terms set forth in Schedule 40 apply to this Agreement as if fully set forth herein.

    	 	 -25-	 

     

    
		41.	Subcontractors. Company may use subcontractors in the performance of its obligations under this Agreement, to the extent
permitted by and in accordance with the terms of the Third Party Oversight Policy, and subject to Bank’s prior written approval
of each such subcontractor, which approval shall not be unreasonably withheld, delayed or conditioned. A list of approved subcontractors
is attached in the form of Exhibit H hereto. Company agrees to be fully responsible for the acts and omissions of
all subcontractors, including the subcontractors’ compliance with the terms of this Agreement and all Applicable Laws, and
to obligate subcontractors to report Borrower and Applicant complaints to Company. Upon written request by Bank, for good cause
specified in writing by Bank in its discretion, Company shall terminate or suspend a subcontractor within [***] of such
request from Bank (or such shorter period as may be required by Applicable Law or a requirement of a Regulatory Authority). The
Third Party Oversight Policy may be changed only with the prior written consent of both Parties, which consent shall not be unreasonably
withheld or delayed, or by written notice provided to Company by Bank but without Company’s prior written consent to the
extent such change is required to comply with Applicable Laws or safety and soundness requirements.

 

    	 	 -26-	 

     

    

IN WITNESS WHEREOF, the Parties have
caused this Agreement to be executed by their duly authorized officers as of the date first written above.

WEBBANK

 

		By:	 

Kelly Barnett

President

 

 

PROSPER MARKETPLACE, INC.

 

 

		By:	 

Aaron Vermut

Chief Executive Officer

 

 

    	 	 -27-	 

     

    

Schedule 1

 

I. Definitions

 

“ACH” means the Automated
Clearinghouse.

“Administration Agreement”
means any administration, corporate administration, loan servicing, platform administration or similar agreement pursuant to which
PFL appoints PMI as corporate administrator, loan servicer, platform administrator or in a similar capacity to provide services
to PFL in relation to the Loans.

“Affiliate” means,
with respect to a Party, a Person who directly or indirectly controls, is controlled by or is under common control with the Party.
For the purpose of this definition, the term “control” (including with correlative meanings, the terms controlling,
controlled by and under common control with) means the power to direct the management or policies of such Person, directly or indirectly,
through the ownership of twenty-five percent (25%) or more of a class of voting securities of such Person.

“Agreement,” as used
in each of the Program Documents, has the meaning set forth in the introductory paragraph of the Program Document in which the
term is used.

“Applicable Laws” means
all federal, state and local laws, statutes, regulations and orders applicable to a Party or relating to or affecting
any aspect of the Program including the Loans, the Program promotional and marketing materials, the Consumer Finance Materials,
the Servicing Materials, and all requirements of any Regulatory Authority having jurisdiction over a Party, as any such laws, statutes,
regulations, orders and requirements may be amended and in effect from time to time during the term of this Agreement.

“Applicant” means an
individual who is a consumer who requests a Loan from Bank by posting a listing on the Program Website.

“Application” means
any request from an Applicant for a Loan in the form required by Bank including such requests received through the Program Website.

“Asset” means a Loan
or a Participation.

“Asset Sale Agreement”
means that Asset Sale Agreement, dated as of even date herewith, between Bank and PFL.

 

[***]

 

“Bank” means WebBank,
a Utah-chartered industrial bank having its principal location in Salt Lake City, Utah.

“Bank Secrecy Act Policy”
shall have the meaning set forth in subsection 5(a).

“Borrower” means an
Applicant or other Person for whom Bank has established a Loan and/or who is liable, jointly or severally, for amounts owing with
respect to a Loan.

“Business Day” means
any day, other than (i) a Saturday or Sunday, or (ii) a day on which banking institutions in the State of Utah are authorized or
obligated by law or executive order to be closed.

“Cash” means money,
currency or a credit balance in any demand or deposit account, but not including a demand or deposit account that is pledged as
collateral or otherwise restricted (such as the Collateral Account or the LTF Collateral Account).

    	 	  	 

     

    

“Cash Equivalents”
means, as of the date of determination, highly liquid marketable securities with original maturities of three months or less at
the time of purchase and consist primarily of money market funds, commercial paper, US treasury securities and US agency securities.

“Change of Control”
means (i) an acquisition of Control of Company by any person or entity, or (ii) the sale by Company of all or substantially all
of its assets to any person or entity.

“Claim Notice” shall
have the meaning set forth in subsection 9(c) of this Agreement when used herein, the meaning set forth in subsection 10(c) of
the Asset Sale Agreement when used therein, and the meaning set forth in subsection 10(c) of the Stand By Purchase Agreement when
used therein.

“Closing Date” means
each date on which PFL pays Bank the Purchase Price for an Asset and, pursuant to Section 2 of the Asset Sale Agreement, acquires
such Asset from Bank.

“Confidential Information”
means the terms and conditions of the Program Documents, and any proprietary information or non-public information of a Party,
including a Party’s proprietary marketing plans and objectives, that is furnished to the other Party in connection with the
Program Documents.

“Consumer Complaints”
shall have the meaning set forth in Section 32(a).

“Consumer
Finance Materials” shall have the meaning set forth in Section 4.

“Control” means, with
respect to Company, the possession either directly or indirectly of the power to direct or cause the direction of Company’s
management or policies whether through the ownership of voting securities, by contract or otherwise. Such control shall be presumed
in the event that a third party acquires fifty percent (50%) or more of any class of voting securities of Company.

“Control Account” means
an account established by PFL and held at the Control Institution in accordance with the terms of the Control Account Agreement.

“Control Account Agreement”
means the account agreement attached to the Asset Sale Agreement as Exhibit A.

“Control Institution”
means the depository institution at which the Control Account is established, which initially shall be Wells Fargo Bank, N.A.,
and may be changed by agreement among the Parties.

“Credit Policy” means
the minimum requirements of income, residency, employment history, credit history, and/or other such considerations that Bank uses
to approve or deny an Application and to establish a Loan.

“Direct Transferee”
means any Person to which PMI or PFL transfers an Asset, and any Affiliate of such Person or special purpose vehicle established
at the direction or for the benefit of such Person or an Affiliate of such Person to which such Person subsequently transfers an
Asset.

“Disclosing Party”
shall have the meaning set forth in subsection 11(b)(2) of this Agreement when used herein, the meaning set forth in subsection
9(b)(2) of the Asset Sale Agreement when used therein, and the meaning set forth in subsection 9(b)(2) of the Stand By Purchase
Agreement when used therein.

“Effective Date” shall
have the meaning set forth in Section 1(b) of this Agreement when used herein, the meaning set forth in Section 1(b) of the Asset
Sale Agreement when used therein, and the meaning set forth in Section 1(b) of the Stand By Purchase Agreement when used therein.

“Excluded Servicing Losses”
means credit losses due to Borrower non-payment on Covered Assets (as defined in the Servicing Agreement), but “Excluded
Servicing Losses” expressly excludes any losses to the extent arising from (i) the negligence or willful misconduct of PMI
in connection with PMI’s servicing of any Covered Asset held by Bank, (ii) the breach by PMI or its agents or representatives
of any obligation under the Program Documents, and (iii) identity theft by an Applicant or Borrower.

    	 	 2	 

     

    

“Existing Program Agreement”
shall have the meaning set forth in the recitals to this Agreement.

“Existing Sale Agreement”
shall have the meaning set forth in the recitals to the Asset Sale Agreement.”

“Existing Stand By Loan Purchase
Agreement” shall have the meaning set forth in the recitals to the Stand By Purchase Agreement.

“Force Majeure Event”
shall have the meaning set forth in Section 27.

“Funding Amount” means
the aggregate amount, as listed on a Funding Statement, of all Loan Proceeds to be disbursed by Bank to Borrowers and/or Borrower’s
designees on each Funding Date and the related Origination Fees.

“Funding Date” means
the Business Day on which any pending Applications are approved.

“Funding Statement”
means the statement prepared by Company on a Business Day that contains (i) a list of all Applicants who meet the eligibility
criteria set forth in the Credit Policy, for whom Bank is requested to establish Loans; and (ii) the computation of the Funding
Amount and the Marketing Fee, and all information necessary for the transfer of Loan Proceeds to the accounts designated by the
corresponding Borrowers, including depository institution names, routing numbers and account numbers; and (iii) such other
information as shall be reasonably requested by Bank and mutually agreed to by the Parties. The Funding Statement shall also state
which Assets are Loans and which Assets are Participations.

“Holding Period Interest Charge”
shall have the meaning set forth in Schedule 2 to the Asset Sale Agreement.

“Indemnifiable Claim”
shall have the meaning set forth in subsection 9(b) of this Agreement when used herein, the meaning set forth in subsection 10(b)
of the Asset Sale Agreement when used therein, and the meaning set forth in subsection 10(b) of the Stand By Purchase Agreement
when used therein.

“Indemnified Parties”
shall have the meaning set forth in subsection 9(a) of this Agreement when used herein, the meaning set forth in subsection 10(a)
of the Asset Sale Agreement when used therein, and the meaning set forth in subsection 10(a) of the Stand By Purchase Agreement
when used therein.

“Insolvent” means the
failure to pay debts in the ordinary course of business, the inability to pay its debts as they come due or the condition whereby
the sum of an entity’s debts is greater than the sum of its assets.

“Licensee” shall have
the meaning set forth in Section 12.

“Licensing Party” shall
have the meaning set forth in Section 12.

“Loan” means a consumer
installment loan account established by Bank pursuant to the Program.

“Loan Agreement” means
the document containing the terms and conditions of a Loan including all disclosures required by Applicable Laws.

“Loan Category” shall
have the meaning set forth in Schedule 2 to the Asset Sale Agreement.

“Loan File” means,
with respect to each Loan, the items, documents, files and records pertaining to the origination and servicing of such Loan, including,
but not limited to, the computer files, data tapes, books, records, notes, copies of the Loan documents, and all additional documents
generated as a result of or utilized in originating and/or servicing such Loan, which are delivered to or generated by Company.

“Loan Proceeds” means
the funds disbursed to a Borrower and/or such Borrower’s designees pursuant to a Loan established by Bank under the Program.

    	 	 3	 

     

    

“Loan Trailing Fee”
shall have the meaning set forth in Schedule 2 to the Asset Sale Agreement.

“Losses” shall have
the meaning set forth in subsection 9(a) of this Agreement when used herein, the meaning set forth in subsection 10(a) of the Asset
Sale Agreement when used therein, and the meaning set forth in subsection 10(a) of the Stand By Purchase Agreement when used therein.

“LTF Factor” shall
have the meaning set forth in Schedule 2 to the Asset Sale Agreement.

“LTF Required Balance”
shall have the meaning set forth in Schedule 2 to the Asset Sale Agreement.

“Marketing Agreement”
means this Agreement.

“Marketing Fee” shall
have the meaning set forth in Schedule 2.

“Marks” shall have
the meaning set forth in subsection 12(a) of this Agreement when used herein, and the meaning set forth in Section 13 of the Asset
Sale Agreement when used therein.

“Net Charge Off Loss Rate”
shall have the meaning set forth in Schedule 2 to the Asset Sale Agreement.

“Net Liquidity” means,
as of the date of determination, the sum of Cash, Cash Equivalents and Available for Sale Investments of PMI.

“Origination Fee” means
the up-front fee a Borrower pays to Bank under the Loan Agreement for origination of a Loan in the form of a pre-paid finance charge.

“Outstanding Participation Amount”
means with respect to a Loan at any time, the outstanding unpaid principal balance of the Loan multiplied by the Participation
Percentage.

“Participation” means
an undivided participation interest in a Loan in the amount of the Participation Percentage, including the right to receive a proportionate
share (equal to the Participation Percentage) of all payments from or on behalf of a Borrower in respect of such Loan (including
principal, interest, late fees, failed payment fees).

“Participation Certificate”
means the document evidencing PFL’s Participation with respect to a Loan made between the Bank and the Borrower, in a form
and as generated through the process agreed by the Parties.

“Participation Percentage”
means PFL’s undivided participation interest in a Loan, as agreed by the Parties and set forth in the related Participation
Certificate.

“Party” means, in any
of the Program Documents, the parties described in the introductory paragraph to that Program Document, and “Parties”
means, in any of the Program Documents, all of the parties described in the introductory paragraph to that Program Document.

“Person” means any
legal person, including any individual, corporation, limited liability company, partnership, joint venture, association, joint-stock
company, trust, unincorporated organization, governmental entity, or other entity of similar nature.

“PFL” means Prosper
Funding LLC, a Delaware limited liability company having its principal location in San Francisco, California, and a wholly-owned
subsidiary of Company.

“PMI” means Prosper
Marketplace, Inc., a Delaware corporation having its principal location in San Francisco, California.

“PMI Claim Notice”
shall have the meaning set forth in subsection 10(g) of the Stand By Purchase Agreement.

“PMI Indemnifiable Claim”
shall have the meaning set forth in subsection 10(f) of the Stand By Purchase Agreement.

    	 	 4	 

     

    

“PMI Indemnified Parties”
shall have the meaning set forth in subsection 10(e) of the Stand By Purchase Agreement.

“PMI Losses” shall
have the meaning set forth in subsection 10(e) of the Stand By Purchase Agreement.

“Program” means the
installment loan program pursuant to which Bank shall establish Loans and disburse Loan Proceeds to Borrowers or their designees
pursuant to the terms of this Agreement, and pursuant to which Company or its Affiliates will service Loans for Bank, and including
the performance of all obligations under the Program Documents by the respective parties thereto, initially as described in Exhibit
A attached hereto.

“Program Compliance Manual”
means the policies and procedures for the implementation of the Program by Company, including the policies and procedures regarding
the (i) solicitation and receipt of Applications, (ii) underwriting of Loans, (iii) processing of Applications, (iv) requirements
of the USA PATRIOT Act Customer Identification Program, and (iv) initial and periodic Office of Foreign Assets Control screenings.

“Program Documents”
means this Agreement, the Asset Sale Agreement, the Stand By Purchase Agreement, and the Servicing Agreement.

“Program Threshold Amount”
means [***].

“Program Website” means
any part of the website located at www.prosper.com, together with any other website on which the Program is offered to public,
that contains (A) any information directed towards Borrowers or Applicants, (B) any information about Borrowers or Applicants,
or (C) any part of the application process or information concerning or describing the application process, which shall be hosted
and maintained by Company.

“Proprietary Material”
shall have the meaning set forth in subsection 12(a).

“Prosper Entities”
means PFL and PMI.

“Purchase Price” means,
(1) with respect to a Loan, (a) the sum of (i) the principal amount of the Loan Proceeds disbursed pursuant to such Loan, (ii)
the related Origination Fee, and (iii) the Holding Period Interest Charge for such Loan, together with (b) the agreement under
the Asset Sale Agreement to pay the Loan Trailing Fee, and (2) with respect to a Participation, (a) the Participation Percentage
multiplied by the sum of (i) the principal amount of the Loan Proceeds disbursed pursuant to the Loan related to such Participation,
(ii) the related Origination Fee, and (iii) the Holding Period Interest Charge for such Loan, together with (b) the agreement under
the Asset Sale Agreement to pay the Loan Trailing Fee.

“Records” means any
Loan Agreements, applications, change-of-terms notices, credit files, credit bureau reports, transaction data, records, or other
documentation (including computer tapes, magnetic files, and information in any other format).

“Regulatory Authority”
means any federal, state or local regulatory agency or other governmental agency or authority having jurisdiction over Bank, PMI
or PFL, and, in the case of Bank, shall include, but not be limited to, the Utah Department of Financial Institutions and the Federal
Deposit Insurance Corporation.

“Regulatory Inquiries”
shall have the meaning set forth in Section 32(a).

“Restricted Party”
shall have the meaning set forth in subsection 11(a) of this Agreement when used herein, the meaning set forth in subsection 9(a)
of the Asset Sale Agreement when used therein, and the meaning set forth in subsection 9(a) of the Stand By Purchase Agreement
when used therein.

“Risk Adjusted Margin”
shall have the meaning set forth in Schedule 2 to the Asset Sale Agreement.

    	 	 5	 

     

    

“Securitization Losses”
means Losses or PMI Losses that arise as a result of or in connection with (i) any security issued by a Prosper Entity or a transferee
(direct or indirect) of a Prosper Entity, (ii) any security issued by a Prosper Entity or a transferee (direct or indirect) of
a Prosper Entity being deemed to be an “asset-backed security” (as defined under 17 C.F.R. § 229.1101(c) or Section
3(a)(77) of the Securities Exchange Act of 1934) or (iii) Bank being deemed to be a “sponsor” or “securitizer”
under any rule, regulation or order the Securities and Exchange Commission with respect to any security issued by a Prosper Entity
or a transferee (direct or indirect) of a Prosper Entity.

“Servicing Agreement”
means that Servicing Agreement, dated as of even date herewith, between Bank and Company.

“Servicing Fee” shall
have the meaning set forth in Schedule 2 to the Asset Sale Agreement.

“Servicing Materials”
shall have the meaning set forth in subsection 5(k)(2).

“Stand By Asset” shall
have the meaning set forth in subsection 2(a) of the Stand By Purchase Agreement.

“Stand By Closing Date”
means, with respect to any Closing Date, the Business Day immediately following such Closing Date.

“Stand By Purchase Agreement”
means that Stand By Purchase Agreement, dated as of even date herewith, between the Parties.

“Third Party Oversight Policy”
means the policies and procedures for the engagement by Company of any third party to perform marketing, processing, collecting,
or any other services in connection with the Program, in a form approved by Bank.

“Transferred Obligations”
shall have the meaning set forth in subsection 12(b) of the Asset Sale Agreement.

“Trigger Event” shall
have the meaning set forth in subsection 10(c).

II. Construction

 

As used in any of the Program Documents:

 

		(a)	All references to the masculine gender shall include the feminine gender (and vice versa);

 

		(b)	All references to “include,” “includes,” or “including” shall be deemed to be followed
by the words “without limitation”;

 

		(c)	References to any law or regulation refer to that law or regulation as amended from time to time and include any successor
law or regulation;

 

		(d)	References to “dollars” or “$” shall be to United States dollars unless otherwise specified herein;

 

		(e)	Unless otherwise specified, all references to days, months or years shall be deemed to be preceded by the word “calendar”;

 

		(f)	All references to “quarter” shall be deemed to mean calendar quarter; and

 

    	 	 6	 

     

    
		(g)	The fact that a Party has provided approval or consent shall not mean or otherwise be construed to mean that: (i) either Party
has performed any due diligence with respect to the requested or required approval or consent, as applicable; (ii) either Party
agrees that the item or information for which the other Party seeks approval or consent complies with any Applicable Laws; (iii)
either Party has assumed the other Party’s obligations to comply with all Applicable Laws arising from or related to any
requested or required approval or consent; or (iv) except as otherwise expressly set forth in such approval or consent, either
Party’s approval or consent impairs in any way the other Party’s rights or remedies under the Agreement, including
indemnification rights for Company’s failure to comply with all Applicable Laws.

 

    	 	 7	 

     

    

Schedule 6

 

The Marketing Fee

 

[***]

 

     

     

    

Schedule 7(b)(4)

 

Litigation

 

On April 21, 2009, PMI
and the North American Securities Administrators Association (“NASAA”) reached agreement on the terms of a model consent
order between PMI and the states in which PMI, under its initial platform structure, offered promissory notes for sale directly
to investor members prior to November 2008. The consent order involves payment by PMI of up to an aggregate of $1 million in penalties,
which have been allocated among the states based on PMI’s promissory note sale transaction volume in each state prior to
November 2008. A state that enters into a consent order receives its portion of the $1 million in exchange for its agreement to
terminate, or refrain from initiating, any investigation of PMI’s promissory note sale activities prior to November 2008.
Penalties are paid promptly after a state enters into a consent order. NASAA has recommended that each state enter into a consent
order; however, no state is obliged to do so, and there is no deadline by which a state must make its decision. PMI is not required
to pay any portion of the penalty to those states that do not elect to enter into a consent order. If a state does not enter into
a consent order, it is free to pursue its own remedies against PMI, subject to any applicable statute of limitations. As of December
31, 2015, PMI has entered into consent orders with 34 states and has paid an aggregate of $0.5 million in penalties to those states.

 

On November 26, 2008,
plaintiffs filed a class action lawsuit against PMI and certain of its executive officers and directors in the Superior Court of
California, County of San Francisco, California (the “Superior Court”). The suit was brought on behalf of all promissory
note purchasers on the platform from January 1, 2006 through October 14, 2008. The lawsuit alleged that PMI offered and sold unqualified
and unregistered securities in violation of the California and federal securities laws. The lawsuit sought rescission damages against
PMI and the other named defendants, as well as treble damages against PMI and the award of attorneys’ fees, experts’
fees and costs, and pre-judgment and post-judgment interest. On July 19, 2013, solely to avoid the costs, risks and uncertainties
inherent in litigation, and without admitting any liability or wrongdoing, the parties to the class action litigation pending before
the Superior Court, entered into a Stipulation and Agreement of Compromise, Settlement, and Release (the “Settlement”)
setting forth an agreement to settle all claims related thereto. In connection with the Settlement, PMI agreed to pay the plaintiffs
an aggregate amount of $10 million, payable in four lump sum payments of $2 million in 2014, $2 million in 2015, $3 million in
2016 and $3 million in 2017. On April 16, 2014, the Superior Court granted final approval of the Settlement. Subject to satisfaction
of the conditions set forth in the Settlement, the defendants will be released by the plaintiffs from all claims concerning or
arising out of the offering of promissory notes on the platform from January 1, 2006 through October 14, 2008. The reserve for
the class action settlement liability is $5.9 million on PMI’s consolidated balance sheet as of December 31, 2015.

 

 

     

     

    

Schedule 40

 

Minimum Obligations

 

[***]

 

Company shall (i) cooperate
with and bear the expenses of a review of its proprietary credit model(s) used in connection with the Program, and validation of
Company’s proprietary credit model(s), on a reasonable schedule and on an annual basis, and (ii) cooperate with such other
reviews as may be requested by Bank from time to time in its reasonable discretion (provided that Bank shall bear the expenses
of such other reviews unless such other reviews are required (1) to follow up on material specific issues identified regarding
the credit model(s), (2) because of Company’s noncompliance with this Agreement, (3) because of Company’s request for
a significant modification of the Program, or (4) because of changes in Applicable Laws that could reasonably affect the credit
model(s), and for reviews required because of clauses (1) through (4), Company shall bear the expenses), in each case to be conducted
by a third-party review firm that is selected (considering in good faith input from Company) and engaged by, and reports to, Bank.
The scope of the review (considering in good faith input from Company) shall be determined by Bank. Bank shall receive all draft
and final reports from the review firm and shall be included in any meetings or correspondence related to the review. The reviewer
shall deliver the final review report to Bank, and Bank shall provide a copy of the report to Company. Company may not share the
report with any other Person without the consent of Bank, except that Company shall be entitled to share such report in a form
that does not identify Bank if Company has paid for such report. Bank shall use reasonable efforts to coordinate and, to the extent
practicable, combine any reviews with reviews of other programs of Bank and Company.

 

     

     

    

Exhibit A

 

The Program Website

(screen shots of each page of the Program Website)

 

 

     

     

    

Exhibit B

 

Credit Policy

 

 

 

 

     

     

    

Exhibit C

 

Form of Application

 

 

 

     

     

    

Exhibit D

 

Loan Documentation

 

 

 

     

     

    

Exhibit E

Sample Funding Statement

 

 

 

     

     

    

Exhibit F

 

Insurance Requirements

 

 

[***]

 

     

     

    

Exhibit G

 

Program Compliance Manual

 

 

 

     

     

    

Exhibit H

 

Approved Subcontractors

 

	Approved Subcontractor	Service Provided
	 	 

 

 

     

     

    

Exhibit I

 

Bank Secrecy Act Policy

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