Document:

exv10w2

Exhibit 10.2

Borrower Agreement

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

1. Registration as a Borrower Member. You are applying to register with us as a borrower member on
the Site. Registration as a borrower member lets you post qualifying loan requests on the Site and
obliges you to accept any resulting loans that satisfy such requests, subject to your right to
cancel your loan request before closing as set forth in Section 3 below. Registration on the Site
as a borrower member is restricted to individuals who satisfy WBK’s credit policy. Under WBK’s
current credit policy, your Fair Isaac Corporation (“FICO”) score must be greater than 640 and you
must meet other credit criteria in order for you to be eligible to apply for a loan. If for any
reason you do not qualify or you later cease to qualify for a loan from WBK, if, for example, your
FICO score from any consumer reporting agency falls below 640, we or WBK may terminate your loan
request and deny your ability to make additional loan requests. Even if your FICO score is higher
than 640, we or WBK may nevertheless terminate your registration or loan request based on WBK’s
other credit criteria such as debt-to-income ratio or other information in your credit report.

2. Account Verification. You authorize us to initiate a debit entry to your bank account in an
amount of $0.01 to $0.99 for account verification purposes through the ACH network. We will reverse
this debit following verification and no funds will be removed from your account. You understand
that if we are unable to verify your bank account for any reason, we will cancel your application
and your loan request will not be posted on the Site.

3. Authorization to Obtain Credit Report. You authorize us to obtain consumer reports on you from
one or more consumer reporting agencies, such as TransUnion, Experian or Equifax. We may use your
credit reports for authentication and to apply WBK’s credit policy for credit scoring, making
credit decisions, and related purposes. You authorize us to verify information in your credit
reports, and you

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agree that we may contact third parties to verify any such information. We and WBK may require and
obtain a credit report from one or more consumer reporting agencies each time you request a loan or
during the processing or closing of a loan or the resale of any associated Member Payment Dependent
Notes (“MPDNs”). You also direct us to provide on your behalf certain elements of your application,
as well as consumer report information, but not including your name, to users of the Site
registered as lender members (“Lender Members”). You understand that Lender Members may use this
information in making decisions whether to commit funds to the purchase of certain MPDNs that we
may issue to Lender Members who direct us to fund your loan request. Such decisions, in turn, may
assist WBK in making loan-related decisions.

4. Loan Requests. To the extent you become and remain a registered borrower member, you may post a
qualifying loan request on the Site in the amount of $1,000 to $25,000. You may not post more than
one loan request on the site at a time and you may not have more than two loans outstanding at any
given time. Your loan request must include all information required by us and WBK. Any qualifying
loan requests you post may remain as an active listing on the Site for up to 14 days. If your loan
request attracts enough funding offers in accordance with your agreement with WBK, then your loan
will close unless you notify us in writing of your election to terminate your loan request
sufficiently far in advance of loan closing for us to direct WBK to cancel the loan and for WBK to
cancel the transfer of the loan proceeds to your designated account. Full or partial funding of
your loan request may be available before the expiration of the 14-day period set forth above but
in no event shall we be obligated to notify you of the date upon which your loan may or will fund.
Funding of any loans you receive will proceed as described in your Loan Agreement with WBK.

5. Limited Power of Attorney. As a condition to registering as a borrower member on the Site, you
hereby grant us a limited power of attorney and appoint us and/or our designees as your true and
lawful attorney-in-fact and agent, with full power of substitution and re-substitution, for you and
in your name, place and stead, in any and all capacities, to complete and execute one or more
promissory notes in the form appended to your Loan Agreement with WBK (each, a “Note”) representing
in the aggregate the total principal amount you accept, and the terms, of each loan made to you by
WBK in accordance with the disclosures made to you about such loan, with the full power and
authority to do and perform each and every act and thing requisite and necessary to be done in
connection with such power as fully to all intents and purposes as you might or could do in person
(“Power of Attorney”). This Power of Attorney is limited solely to the purpose described above and
will expire automatically upon the earlier of (i) the execution of the Notes by us on your behalf
or (ii) the termination or expiration of your loan request posted on the Site. You may revoke the
Power of Attorney at any time before the funds representing your loan proceeds are transferred to
your

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designated account and the Notes are executed on your behalf by contacting us in accordance with
Section 7, Communications. Once the Notes have been signed by LendingClub acting as your
attorney-in-fact, however, they are deemed executed on your behalf and the executed Notes shall be
your valid and binding obligations thereafter. If you choose to revoke the Power of Attorney prior
to execution of Notes, we will be unable to proceed with processing your loan request and your
pending loan requests will be considered withdrawn, and your registration as a borrower member on
the Site will be terminated. In such event, we will remove any loan requests you have posted on the
Site and you may be prohibited from posting additional qualifying loan requests in the future in
our discretion.

6. Origination Fee. If your loan request results in a loan, you must pay us a non-refundable
origination fee. The amount of the fee ranges from 0.75% to 3% of the loan amount, or such lesser
amount as may be provided by applicable law, depending on your credit profile. This fee will be
deducted from your loan proceeds, so the loan proceeds delivered to you will be less than the full
amount of your loan request. You acknowledge that the origination fee will be considered part of
the principal on your loan and is subject to the accrual of interest.

7. Loan Servicing. You acknowledge and agree that LendingClub shall serve as the loan servicer for
any and all loans you receive but that LendingClub may delegate servicing to another entity. As
loan servicer, LendingClub will administer and collect on your loans. LendingClub will maintain
all Notes representing your loans in electronic form and shall make all such Notes available to you
for review on the Site.

8. Communications. You agree not to communicate with the lender members who purchase MPDNs
corresponding to your loans except anonymously and publicly through posting on the Site. Subject to
Section 15, you will send any inquiries, requests for deferment or forbearance, or other
communications regarding your loans by email to support@lendingclub.com or by regular mail to
LendingClub Corporation, 440 N Wolfe Road, Sunnyvale, California 94085, Attention: Loan Processing
Department.

9. Other Borrower Obligations. You agree that you will not, in connection with your loan request:
(i) make any false, misleading or deceptive statements or omissions of fact in your listing,
including but not limited to in the loan title, or in your loan description; (ii) misrepresent your
identity, or describe, present or portray yourself as a person other than yourself; (iii) give to
or receive from, or offer or agree to give to or receive from any LendingClub member or other
person any fee, bonus, additional interest, kickback or thing of value of any kind except in
accordance with the terms of your loan; (iv) represent yourself to any person, as a representative,
employee, or agent of ours, or
purport to speak

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to any person on our behalf; or (v) provide, in your loan request or in
communications on the Site related to your loan request, information upon which a discriminatory
lending decision may be made, such as your race, color, religion, national origin, sex, or age. You
acknowledge and agree that we may rely without independent verification on the accuracy,
authenticity, and completeness of all information you provide to us.

10. Verification. We reserve the right to verify the accuracy of all information you provide and to
terminate this Agreement and remove your loan request in case of any inaccuracy or omission in your
loan request or your application, or any other violation of this Agreement. We reserve the right to
verify any information you submit through the production of appropriate documentation, and also
reserve the right to conduct such verification through a third party. You hereby authorize us to
request and obtain data from a third party to verify any information you provide us in connection
with your registration as a borrower member on the Site.

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

12. Restrictions on Use of Proceeds; Bank Account. You are not authorized or permitted to use the
Site to obtain, or attempt to obtain, a loan for someone other than yourself. You are not
authorized or permitted to use the Site to obtain, or attempt to obtain, a loan to fund any illegal
activity. You must be the owner of the deposit account you designate for electronic transfers of
funds and have authority to direct that loan payments be made to us from such account. Your
designated account will be the account into which loan proceeds will be deposited and from which
loan payments will be made.

13. Termination of Registration. We may terminate this Agreement and your status as a borrower
member at any time if you committed fraud or made a misrepresentation in connection with your
registration on the Site or any application or request for a loan, performed any prohibited
activity, or otherwise failed to abide by the terms of this Agreement. In such event, we will have
all remedies authorized or permitted by this Agreement and applicable law. We may, in our sole
discretion, with or without cause and with or without notice, restrict your access to the Site.

14. DISCLAIMERS AND LIMITATION ON LIABILITY. THIS AGREEMENT IS FULLY SUBJECT TO ALL DISCLAIMERS AND
LIMITATIONS ON LIABILITY SET FORTH IN THE TERMS OF USE.

15. Entire Agreement. This Agreement represents the entire agreement between you and us regarding
the subject matter of the Agreement and supersedes all prior or contemporaneous

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communications, promises and proposals, whether oral, written or electronic, between us with
respect to your registration as a borrower member and your loan request.

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

17. Notices. You agree that we can send you any and all notices and other communications related to
this Agreement, any loan requests you post or your status as a borrower member by sending an email
to your registered email address or posting the notice or communication on the Site, and notice or
communication shall be deemed to have been duly given and effective when we send it or post it on
the Site. You acknowledge that you have sole access to the registered email account and your area
on the Site and that communications from us may contain sensitive, confidential, and
collections-related communications. If your registered email address changes, you must notify us
immediately of the change by sending an email to support@Lendingclub.com or calling 866-754-4094.
You also agree to update promptly your registered residence address and telephone number on the
Site if they change.

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

19. Arbitration.

EITHER YOU OR LENDINGCLUB MAY, IN YOUR OR ITS SOLE ELECTION, REQUIRE THAT THE SOLE AND EXCLUSIVE
FORUM AND REMEDY FOR ANY AND ALL PAST, PRESENT OR FUTURE DISPUTES AND

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CLAIMS RELATING IN ANY WAY TO
OR ARISING OUT OF THIS AGREEMENT, ANY LOANS YOU MAY
REQUEST OR RECEIVE, AND/OR THE SERVICING OF YOUR LOAN, IF FUNDED (EACH, A “DISPUTE”), INCLUDING
CLAIMS BY OR AGAINST (I) YOU AND/OR ANY PERSON CLAIMING THROUGH YOU AND (II) LENDINGCLUB AND/OR ANY
PERSON CLAIMING THROUGH LENDINGCLUB, BE FINAL AND BINDING ARBITRATION, except that, to the extent
that you have in any manner infringed upon or violated or threatened to infringe upon or violate
our patent, copyright, trademark or trade secret rights, we may seek injunctive or other
appropriate relief.

You may opt out of this arbitration agreement by writing to LendingClub Corporation, 440 N Wolfe
Road, Sunnyvale, California 94085, Attention: Loan Processing Department, within 30 days of the
execution of this Agreement.

Arbitration under this Agreement shall be conducted by the American Arbitration Association (the
“AAA”) under its Commercial Arbitration Rules and, in the case of consumer disputes, the AAA’s
Supplementary Procedures for Consumer Related Disputes (the “AAA Consumer Rules”) (collectively the
“AAA Rules”). The location of the arbitration and the allocation of costs and fees for such
arbitration shall be determined in accordance with such AAA Rules and shall be subject to the
limitations provided for in the AAA Consumer Rules (for consumer disputes). If such costs are
determined to be excessive in a consumer dispute, we will be responsible for paying all arbitration
fees and arbitrator compensation in excess of what is deemed reasonable. The arbitrator’s award
shall be binding and may be entered as a judgment in any court of competent jurisdiction.

To the fullest extent permitted by applicable law, NO ARBITRATION OR CLAIM UNDER THIS AGREEMENT
SHALL BE JOINED TO ANY OTHER ARBITRATION OR CLAIM, INCLUDING ANY ARBITRATION OR CLAIM INVOLVING WBK
OR ANY CURRENT OR FORMER MEMBER OF LENDINGCLUB, AND NO CLASS ARBITRATION PROCEEDINGS SHALL BE
PERMITTED.

This arbitration agreement is made pursuant to a transaction involving interstate commerce and
shall be governed by and enforceable under the Federal Arbitration Act (the “FAA”). The arbitrator
will apply substantive law consistent with the FAA and applicable statutes of limitations. The
arbitrator may award damages or other types of relief permitted by applicable substantive law,
subject to the limitations set forth in the paragraph above prohibiting the consolidation of
claims. The AAA Rules, which you may obtain from that organization, shall govern the arbitration
unless they conflict with this arbitration agreement, in which case this arbitration agreement will
control. The arbitrator will not be bound by judicial rules of procedure and evidence that would
apply in a court, nor to state or local laws that relate to arbitration proceedings.

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This arbitration agreement shall survive (i) suspension, termination, revocation, closure, or
changes of this Agreement and your relationship with LendingClub or WBK; (ii) the bankruptcy or
insolvency of any party or other person; and (iii) any transfer of any loan or promissory note(s)
which you hold or owe, or any amounts owed on such loans or notes, to any other person or entity.
This arbitration agreement is to be given the broadest possible reading that is enforceable. If any
portion of this arbitration agreement is deemed invalid or unenforceable, the remaining portions of
this arbitration agreement shall nevertheless remain valid and in force, except that in no event
shall any such invalidation be deemed to authorize an arbitrator to determine claims or make awards
beyond the scope of authority as limited in this arbitration agreement.

7exv10w3

Exhibit 10.3

LOAN AND SECURITY AGREEMENT

     THIS LOAN AND SECURITY AGREEMENT (this “Agreement”) dated as of the Effective Date between
SILICON VALLEY BANK, a California corporation (“Bank”), and LENDINGCLUB CORPORATION, a Delaware
corporation (“Borrower”), provides the terms on which Bank shall lend to Borrower and Borrower
shall repay Bank. The parties agree as follows:

     1 ACCOUNTING AND OTHER TERMS

     Accounting terms not defined in this Agreement shall be construed following GAAP.
Calculations and determinations must be made following GAAP. Capitalized terms not otherwise
defined in this Agreement shall have the meanings set forth in Section 13. All other terms
contained in this Agreement, unless otherwise indicated, shall have the meaning provided by the
Code to the extent such terms are defined therein.

     2 LOAN AND TERMS OF PAYMENT

     2.1 Promise to Pay. Borrower hereby unconditionally promises to pay Bank the outstanding
principal amount of all Credit Extensions and accrued and unpaid interest thereon as and when due
in accordance with this Agreement.

     2.2 Growth Capital Advances.

          (a) Availability. Subject to the terms and conditions of this Agreement, Bank shall
make advances (each, a “Growth Capital Advance” and, collectively, “Growth Capital Advances”) to
Borrower not exceeding the Growth Capital Line, through the Draw Period. Each Growth Capital
Advance, other than the final Growth Capital Advance, must be in an amount not less than the lesser
of (i) Five Hundred Thousand Dollars ($500,000), or (ii) the amount that has not been drawn under
the Growth Capital Line. When repaid, the Growth Capital Advances may not be reborrowed.

          (b) Repayment. Each Growth Capital Advance shall immediately amortize and be payable
in thirty-six (36) equal payments of principal and interest beginning on the first (1st) day of the
calendar month following such Growth Capital Advance (the “First Payment Date”) and continuing on
the first (1st) day of each month thereafter. Notwithstanding the foregoing, all unpaid principal
and interest on each Growth Capital Advance shall be due on the applicable Growth Capital Maturity
Date. A Growth Capital Advance may only be prepaid in accordance with Sections 2.2(d) and 2.2(e).

          (c) Final Payment. On the earlier of (i) the Growth Capital Maturity Date, or (ii)
the termination of the Growth Capital Line, Borrower shall pay, in addition to the outstanding
principal, accrued and unpaid interest, and all other amounts due on such date, an amount equal to
the Final Payment.

          (d) Mandatory Prepayment Upon an Acceleration. If the Growth Capital Advances are
accelerated following the occurrence of an Event of Default, Borrower shall immediately pay to Bank
an amount equal to the sum of (i) all outstanding principal plus accrued

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and unpaid interest, (ii)
the Final Payment, and (iii) all other sums, if any, that shall have become due and payable,
including interest at the Default Rate with respect to any past due amounts.

          (e) Permitted Prepayment of Growth Capital Advances. So long as no Event of Default
has occurred and is continuing, Borrower shall have the option to prepay all, but not less than
all, of any Growth Capital Advance advanced by Bank under this Agreement, provided Borrower (i)
delivers written notice to Bank of its election to prepay such Growth Capital Advance at least
thirty (30) days prior to such prepayment, and (ii) pays, on the date of such prepayment (A) all
outstanding principal plus accrued and unpaid interest for such Growth Capital Advance, (B) the
Final Payment for such Growth Capital Advance, and (C) all other sums, if any, that shall have
become due and payable for such Growth Capital Advance, including interest at the Default Rate with
respect to any past due amounts.

     2.3 Payment of Interest on the Credit Extensions.

          (a) Interest Rate. Subject to Section 2.3(b), the principal amount outstanding for
each Growth Capital Advance shall accrue interest at a per annum rate fixed as of the Funding Date
of each such Growth Capital Advance equal to the greater of (i) the Prime Rate plus three-quarters
of one percent (0.75%) or (ii) eight and one-half of one percent (8.50%), which interest shall be
payable monthly in accordance with Section 2.3(e) below.

          (b) Default Rate. Immediately upon the occurrence and during the continuance of an
Event of Default, Obligations shall bear interest at a rate per annum which is five percentage
points (5.0%) above the rate that is otherwise applicable thereto (the “Default Rate”). Payment or
acceptance of the increased interest rate provided in this Section 2.3(b) is not a permitted
alternative to timely payment and shall not constitute a waiver of any Event of Default or
otherwise prejudice or limit any rights or remedies of Bank.

          (c) 360-Day Year. Interest shall be computed on the basis of a 360-day year for the
actual number of days elapsed.

          (d) Debit of Accounts. Bank may debit any of Borrower’s deposit accounts, including
the Designated Deposit Account, for principal and interest payments or any other amounts Borrower
owes Bank when due. These debits shall not constitute a set-off.

          (e) Payments. Unless otherwise provided, interest is payable monthly on the first
(1st) calendar day of each month. Payments of principal and/or interest received after 12:00 p.m.
Pacific time are considered received at the opening of business on the next Business Day. When a
payment is due on a day that is not a Business Day, the payment is due the next Business Day and
additional fees or interest, as applicable, shall continue to accrue.

     2.4 Fees. Borrower shall pay to Bank:

          (a) Commitment Fee. A fully earned, non-refundable commitment fee of Fifteen Thousand
Dollars ($15,000), on the Effective Date; and

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          (b) Bank Expenses. All Bank Expenses (including reasonable attorneys’ fees and
expenses, plus expenses, for documentation and negotiation of this Agreement) incurred through and
after the Effective Date, when due.

     3 CONDITIONS OF LOANS

     3.1 Conditions Precedent to Initial Credit Extension. Bank’s obligation to make the initial
Credit Extension is subject to the condition precedent that Borrower shall consent to or shall have
delivered, in form and substance satisfactory to Bank, such documents, and completion of such other
matters, as Bank may reasonably deem necessary or appropriate, including, without limitation:

          (a) duly executed original signatures to the Loan Documents to which it is a party;

          (b) a duly executed original signature to the Warrant;

          (c) duly executed original signatures to the Control Agreements;

          (d) its Operating Documents and a good standing certificate of Borrower certified by the
Secretary of State of the State of Delaware as of a date no earlier than thirty (30) days prior to
the Effective Date;

          (e) duly executed original signatures to the completed Borrowing Resolutions for Borrower;

          (f) certified copies, dated as of a recent date, of financing statement searches, as Bank
shall request, accompanied by written evidence (including any UCC termination statements) that the
Liens indicated in any such financing statements either constitute Permitted Liens or have been or,
in connection with the initial Credit Extension, will be terminated or released;

          (g) the Perfection Certificate executed by Borrower;

          (h) a copy of its Registration Rights Agreement or Investors’ Rights Agreement and any
amendments thereto;

          (i) evidence satisfactory to Bank that the insurance policies required by Section 6.4 hereof
are in full force and effect, together with appropriate evidence showing loss payable and/or
additional insured clauses or endorsements in favor of Bank; and

          (j) payment of the fees and Bank Expenses then due as specified in Section 2.4 hereof.

     3.2 Conditions Precedent to all Credit Extensions. Bank’s obligations to make each Credit
Extension, including the initial Credit Extension, is subject to the following:

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          (a) except as otherwise provided in Section 3.4, timely receipt of an executed Payment/Advance
Form;

          (b) the representations and warranties in Section 5 shall be true in all material respects on
the date of the Payment/Advance Form and on the Funding Date of each Credit Extension; provided,
however, that such materiality qualifier shall not be applicable to any representations and
warranties that already are qualified or modified by materiality in the text thereof; and provided,
further that those representations and warranties expressly referring to a specific date shall be
true, accurate and complete in all material respects as of such date, and no Default or Event of
Default shall have occurred and be continuing or result from the Credit Extension. Each Credit
Extension is Borrower’s representation and warranty on that date that the representations and
warranties in Section 5 remain true in all material respects; provided, however, that such
materiality qualifier shall not be applicable to any representations and warranties that already
are qualified or modified by materiality in the text thereof; and provided, further that those
representations and warranties expressly referring to a specific date shall be true, accurate and
complete in all material respects as of such date; and

          (c) in Bank’s sole but good faith discretion, any material impairment in the general affairs,
management, results of operation, financial condition or the prospect of repayment of the
Obligations, or there has not been any material adverse deviation by Borrower from the most recent
business plan of Borrower presented to and accepted by Bank.

     3.3 Covenant to Deliver.

     Borrower agrees to deliver to Bank each item required to be delivered to Bank under this
Agreement as a condition to any Credit Extension. Borrower expressly agrees that the extension of
a Credit Extension prior to the receipt by Bank of any such item shall not constitute a waiver by
Bank of Borrower’s obligation to deliver such item, and any such extension in the absence of a
required item shall be in Bank’s sole discretion.

     3.4 Procedures for Borrowing. Subject to the prior satisfaction of all other applicable
conditions to the making of a Growth Capital Advance set forth in this Agreement, to obtain a
Growth Capital Advance, Borrower shall notify Bank (which notice shall be irrevocable) by
electronic mail, facsimile, or telephone by 12:00 p.m. Pacific time on the Funding Date of the
Growth Capital Advance. Together with any such electronic or facsimile notification, Borrower
shall deliver to Bank by electronic mail or facsimile a completed Payment/Advance Form executed by
a Responsible Officer or his or her designee. Bank may rely on any telephone notice given by a
person whom Bank believes is a Responsible Officer or designee. Bank shall credit Growth Capital
Advances to the Designated Deposit Account. Bank may make Growth Capital Advances under this
Agreement based on instructions from a Responsible Officer or his or her designee or without
instructions if the Growth Capital Advances are necessary to meet Obligations which have become
due.

     4 CREATION OF SECURITY INTEREST

     4.1 Grant of Security Interest. Borrower hereby grants Bank, to secure the payment and
performance in full of all of the Obligations, a continuing security interest in, and pledges to

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Bank, the Collateral, wherever located, whether now owned or hereafter acquired or arising,
and all proceeds and products thereof. Borrower represents, warrants, and covenants that the
security interest granted herein is and shall at all times continue to be a first priority
perfected security interest in the Collateral (subject only to Permitted Liens that may have
superior priority to Bank’s Lien under this Agreement). If Borrower shall acquire a commercial
tort claim, Borrower shall promptly notify Bank in a writing signed by Borrower of the general
details thereof and grant to Bank in such writing a security interest therein and in the proceeds
thereof, all upon the terms of this Agreement, with such writing to be in form and substance
reasonably satisfactory to Bank.

     If this Agreement is terminated, Bank’s Lien in the Collateral shall continue until the
Obligations (other than inchoate indemnity obligations) are repaid in full in cash. Upon payment
in full in cash of the Obligations and at such time as Bank’s obligation to make Credit Extensions
has terminated, Bank shall, at Borrower’s sole cost and expense, release its Liens in the
Collateral and all rights therein shall revert to Borrower.

     4.2 Authorization to File Financing Statements. Borrower hereby authorizes Bank to file
financing statements, without notice to Borrower, with all appropriate jurisdictions to perfect or
protect Bank’s interest or rights hereunder.

     5 REPRESENTATIONS AND WARRANTIES

     Borrower represents and warrants as follows:

     5.1 Due Organization, Authorization; Power and Authority. Borrower is a corporation duly
existing and in good standing in its jurisdiction of formation and is qualified and licensed to do
business and is in good standing (except as set forth in the Disclosure Schedule attached hereto)
in any jurisdiction in which the conduct of its business or its ownership of property requires that
it be qualified except where the failure to do so could not reasonably be expected to have a
material adverse effect on Borrower’s business. In connection with this Agreement, Borrower has
delivered to Bank a completed certificate signed by Borrower, entitled “Perfection Certificate”.
Borrower represents and warrants to Bank that (a) Borrower’s exact legal name is that indicated on
the Perfection Certificate and on the signature page hereof; (b) Borrower is an organization of the
type and is organized in the jurisdiction set forth in the Perfection Certificate; (c) the
Perfection Certificate accurately sets forth Borrower’s organizational identification number or
accurately states that Borrower has none; (d) the Perfection Certificate accurately sets forth
Borrower’s place of business, or, if more than one, its chief executive office as well as
Borrower’s mailing address (if different than its chief executive office); (e) Borrower (and each
of its predecessors) has not, in the past five (5) years, changed its jurisdiction of formation,
organizational structure or type, or any organizational number assigned by its jurisdiction; and
(f) all other information set forth on the Perfection Certificate pertaining to Borrower and each
of its Subsidiaries is accurate and complete (it being understood and agreed that Borrower may from
time to time update certain information in the Perfection Certificate after the Effective Date to
the extent permitted by one or more specific provisions in this Agreement).

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     The execution, delivery and performance by Borrower of the Loan Documents to which it is a
party have been duly authorized, and do not (i) conflict with any of Borrower’s Operating
Documents, (ii) contravene, conflict with, constitute a default under or violate any material
Requirement of Law, (iii) contravene, conflict or violate any applicable order, writ, judgment,
injunction, decree, determination or award of any Governmental Authority by which Borrower or any
its Subsidiaries or any of their property or assets may be bound or affected, (iv) require any
action by, filing, registration, or qualification with, or Governmental Approval from, any
Governmental Authority (except such Governmental Approvals which have already been obtained and are
in full force and effect) or are being obtained pursuant to Section 6.1(b)) or (v) constitute an
event of default under any material agreement by which Borrower is bound. Borrower is not in
default under any agreement to which it is a party or by which it is bound in which the default
could have a material adverse effect on Borrower’s business.

     5.2 Collateral. Borrower has good title to, has rights in, and the power to transfer each
item of the Collateral upon which it purports to grant a Lien hereunder, free and clear of any and
all Liens except Permitted Liens. Borrower has no deposit accounts other than the deposit accounts
with Bank, the deposit accounts, if any, described in the Perfection Certificate delivered to Bank
in connection herewith, or of which Borrower has given Bank notice and taken such actions as are
necessary to give Bank a perfected security interest therein.

     The Collateral is not in the possession of any third party bailee (such as a warehouse) except
as otherwise provided in the Perfection Certificate. None of the components of the Collateral
shall be maintained at locations other than as provided in the Perfection Certificate or as
Borrower has given Bank notice pursuant to Section 7.2. In the event that Borrower, after the date
hereof, intends to store or otherwise deliver any portion of the Collateral to a bailee, then
Borrower will first receive the written consent of Bank and such bailee must execute and deliver a
bailee agreement in form and substance satisfactory to Bank in its sole discretion.

     5.3 Litigation. There are no actions or proceedings pending or, to the knowledge of the
Responsible Officers, threatened in writing by or against Borrower or any of its Subsidiaries
involving more than Fifty Thousand Dollars ($50,000).

     5.4 No Material Deviation in Financial Statements. All consolidated financial statements for
Borrower and any of its Subsidiaries delivered to Bank fairly present in all material respects
Borrower’s consolidated financial condition and Borrower’s consolidated results of operations.
There has not been any material deterioration in Borrower’s consolidated financial condition since
the date of the most recent financial statements submitted to Bank.

     5.5 Solvency. The fair salable value of Borrower’s assets (including goodwill minus
disposition costs) exceeds the fair value of its liabilities; Borrower is not left with
unreasonably small capital after the transactions in this Agreement; and Borrower is able to pay
its debts (including trade debts) as they mature.

     5.6 Regulatory Compliance. Borrower is not an “investment company” or a company “controlled”
by an “investment company” under the Investment Company Act. Borrower is not engaged as one of its
important activities in extending credit for margin stock (under Regulations T and U of the Federal
Reserve Board of Governors). Borrower has

6

 

complied in all material respects with the Federal Fair Labor Standards Act. Neither Borrower
nor any of its Subsidiaries is a “holding company” or an “affiliate” of a “holding company” or a
“subsidiary company” of a “holding company” as each term is defined and used in the Public Utility
Holding Company Act of 2005. Borrower has not violated any laws, ordinances or rules, the
violation of which could reasonably be expected to have a material adverse effect on its business.
None of Borrower’s or any of its Subsidiaries’ properties or assets has been used by Borrower or
any Subsidiary or, to the best of Borrower’s knowledge, by previous Persons, in disposing,
producing, storing, treating, or transporting any hazardous substance other than legally. Borrower
and each of its Subsidiaries have obtained all consents, approvals and authorizations of, made all
declarations or filings with, and given all notices to, all Governmental Authorities that are
necessary to continue their respective businesses as currently conducted.

     5.7 Subsidiaries; Investments. Borrower does not own any stock, partnership interest or other
equity securities except for Permitted Investments.

     5.8 Tax Returns and Payments; Pension Contributions. Borrower has timely filed all required
tax returns and reports, and Borrower has timely paid all foreign, federal, state and local taxes,
assessments, deposits and contributions owed by Borrower. Borrower may defer payment of any
contested taxes, provided that Borrower (a) in good faith contests its obligation to pay the taxes
by appropriate proceedings promptly and diligently instituted and conducted, (b) notifies Bank in
writing of the commencement of, and any material development in, the proceedings, (c) posts bonds
or takes any other steps required to prevent the Governmental Authority levying such contested
taxes from obtaining a Lien upon any of the Collateral that is other than a “Permitted Lien”.
Borrower is unaware of any claims or adjustments proposed for any of Borrower’s prior tax years
which could result in additional taxes becoming due and payable by Borrower. Borrower has paid all
amounts necessary to fund all present pension, profit sharing and deferred compensation plans in
accordance with their terms, and Borrower has not withdrawn from participation in, and has not
permitted partial or complete termination of, or permitted the occurrence of any other event with
respect to, any such plan which could reasonably be expected to result in any liability of
Borrower, including any liability to the Pension Benefit Guaranty Corporation or its successors or
any other governmental agency.

     5.9 Use of Proceeds. Borrower shall use the proceeds of the Credit Extensions solely as
working capital, and to fund its general business requirements and not for personal, family,
household or agricultural purposes.

     5.10 Full Disclosure. No written representation, warranty or other statement of Borrower in
any certificate or written statement given to Bank, as of the date such representation, warranty,
or other statement was made, taken together with all such written certificates and written
statements given to Bank, contains any untrue statement of a material fact or omits to state a
material fact necessary to make the statements contained in the certificates or statements not
misleading (it being recognized by Bank that the projections and forecasts provided by Borrower in
good faith and based upon reasonable assumptions are not viewed as facts and that actual results
during the period or periods covered by such projections and forecasts may differ from the
projected or forecasted results).

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     6  AFFIRMATIVE COVENANTS

     Borrower shall do all of the following:

     6.1 Government Compliance.

          (a) Maintain its and all its Subsidiaries’ legal existence and good standing in their
respective jurisdictions of formation and maintain qualification in each jurisdiction in which the
failure to so qualify would reasonably be expected to have a material adverse effect on Borrower’s
business or operations. Borrower shall comply, and have each Subsidiary comply, with (a) all Bank
Secrecy Act and Anti-Money Laundering laws, regulations and requirements imposed by the Office of
Foreign Assets Control (OFAC), and (b) all laws, ordinances and regulations to which it is subject,
noncompliance with which could have a material adverse effect on Borrower’s business.

          (b) Obtain all of the Governmental Approvals necessary for the performance by Borrower of its
obligations under the Loan Documents to which it is a party and the grant of a security interest to
Bank in all of its property. Borrower shall promptly provide copies of any such obtained
Governmental Approvals to Bank.

     6.2 Financial Statements, Reports, Certificates.

          (a) Deliver to Bank: (i) as soon as available, but no later than thirty (30) days after the
last day of each month, a company prepared consolidated balance sheet and income statement covering
Borrower’s consolidated operations for such month certified by a Responsible Officer and in a form
acceptable to Bank; (ii) as soon as available, but no later than one hundred eighty (180) days
after the last day of Borrower’s fiscal year, either (a) audited consolidated financial statements
prepared under GAAP, consistently applied, together with an unqualified opinion on the financial
statements from an independent certified public accounting firm acceptable to Bank in its
reasonable discretion, if such audited financial statements are prepared at the request of
Borrower’s board of directors, or (b) company prepared financial statements certified by a
Responsible Officer in a form acceptable to Bank; (iii) within five (5) days of delivery, copies of
all statements, reports and notices made available to Borrower’s security holders or to any holders
of Subordinated Debt; (iv) in the event that Borrower becomes subject to the reporting requirements
under the Securities Exchange Act of 1934, as amended, within five (5) days of filing, all reports
on Form 10-K, 10-Q and 8-K filed with the Securities and Exchange Commission or a link thereto on
Borrower’s or another website on the Internet; (iv) a prompt report of any legal actions pending or
threatened against Borrower or any of its Subsidiaries that could result in damages or costs to
Borrower or any of its Subsidiaries of Fifty Thousand Dollars ($50,000) or more; (v) copies of all
annual financial projections approved by Borrower’s board of directors, commensurate in form,
substance and timing with those provided by Borrower to its venture capital and other investors and
delivered to Bank simultaneously with Borrower’s venture capital and other investors; (vi) budgets,
sales projections, operating plans and other financial information reasonably requested by Bank;
and (vii) copies of all Bank Secrecy Act/Anti-Money Laundering (BSA/AML) internal and independent
testing reports as requested by Bank in its reasonable discretion.

8

 

          (b) Within thirty (30) days after the last day of each month, deliver to Bank with the monthly
financial statements, a duly completed Compliance Certificate signed by a Responsible Officer.

          (c) Allow Bank to audit Borrower’s Collateral at Borrower’s expense. Such audits shall be
conducted no more often than once every twelve (12) months unless a Default or an Event of Default
has occurred and is continuing.

     6.3 Taxes; Pensions. Make, and cause each of its Subsidiaries to make, timely payment of all
foreign, federal, state, and local taxes or assessments (other than taxes and assessments which
Borrower is contesting pursuant to the terms of Section 5.8 hereof) and shall deliver to Bank, on
demand, appropriate certificates attesting to such payments, and pay all amounts necessary to fund
all present pension, profit sharing and deferred compensation plans in accordance with their terms.

     6.4 Insurance. Keep its business and the Collateral insured for risks and in amounts standard
for companies in Borrower’s industry and location and as Bank may reasonably request. Insurance
policies shall be in a form, with companies, and in amounts that are satisfactory to Bank. All
property policies shall have a lender’s loss payable endorsement showing Bank as an additional
lender loss payee and waive subrogation against Bank, and all liability policies shall show, or
have endorsements showing, Bank as an additional insured. All policies (or the loss payable and
additional insured endorsements) shall provide that the insurer shall endeavor to give Bank at
least thirty (30) days notice before canceling, amending, or declining to renew its policy. At
Bank’s request, Borrower shall deliver certified copies of policies and evidence of all premium
payments. Proceeds payable under any policy shall, at Bank’s option, be payable to Bank on account
of the Obligations. If Borrower fails to obtain insurance as required under this Section 6.4 or to
pay any amount or furnish any required proof of payment to third persons and Bank, Bank may make
all or part of such payment or obtain such insurance policies required in this Section 6.4, and
take any action under the policies Bank deems prudent.

     6.5 Operating Accounts.

          (a) Maintain all of its primary operating and investment accounts with Bank and Bank’s
Affiliates. All consumer accounts for the Borrower’s lending platform account shall be managed
through Wells Fargo Bank, N.A.

          (b) For each Collateral Account that Borrower at any time maintains, Borrower shall cause the
applicable bank or financial institution (other than Bank) at or with which any Collateral Account
is maintained to execute and deliver a Control Agreement or other appropriate instrument with
respect to such Collateral Account to perfect Bank’s Lien in such Collateral Account in accordance
with the terms hereunder. The provisions of the previous sentence shall not apply to deposit
accounts exclusively used for payroll, payroll taxes and other employee wage and benefit payments
to or for the benefit of Borrower’s employees and identified to Bank by Borrower as such.

     6.6 Protection of Intellectual Property Rights. Borrower shall: (a) protect, defend and
maintain the validity and enforceability of its intellectual property; (b) promptly advise Bank

9

 

in writing of material infringements of its intellectual property; and (c) not allow any
intellectual property material to Borrower’s business to be abandoned, forfeited or dedicated to
the public without Bank’s written consent.

     6.7 Litigation Cooperation. From the date hereof and continuing through the termination of
this Agreement, make available to Bank, without expense to Bank, Borrower and its officers,
employees and agents and Borrower’s books and records, to the extent that Bank may deem them
reasonably necessary to prosecute or defend any third-party suit or proceeding instituted by or
against Bank with respect to any Collateral or relating to Borrower.

     6.8 Right to Invest. Borrower shall grant to Bank or its Affiliates a right (but not an
obligation) to invest up to Five Hundred Thousand Dollars ($500,000) in Borrower’s next bona fide
round of private equity financing after the date hereof (the “Next Round”), on the same terms,
conditions and pricing offered to its lead investors. Borrower shall give Bank at least thirty
(30) days prior written notice of such Next Round which notice shall (a) identify the investors
participating in such Next Round and contain the terms, conditions, and pricing of such Next Round,
and (b) be delivered to Bank’s address set forth in Section 10 hereof. The right granted hereunder
shall survive the termination of this Agreement.

     6.9 Further Assurances. Execute any further instruments and take further action as Bank
reasonably requests to perfect or continue Bank’s Lien in the Collateral or to effect the purposes
of this Agreement. Deliver to Bank, within five (5) days after the same are sent or received,
copies of all correspondence, reports, documents and other filings with any Governmental Authority
regarding compliance with or maintenance of Governmental Approvals or Requirement of Law or that
could reasonably be expected to have a material effect on any of the Governmental Approvals or
otherwise on the operations of Borrower or any of its Subsidiaries.

     7 NEGATIVE COVENANTS

     Borrower shall not do any of the following without Bank’s prior written consent:

     7.1 Dispositions. Convey, sell, lease, transfer or otherwise dispose of (collectively,
“Transfer”), or permit any of its Subsidiaries to Transfer, all or any part of its business or
property, except for Transfers (a) of Inventory in the ordinary course of business; (b) of worn-out
or obsolete Equipment; (c) in connection with Permitted Liens and Permitted Investments; and (d) of
non-exclusive licenses for the use of the property of Borrower or its Subsidiaries in the ordinary
course of business.

     7.2 Changes in Business, Management, Ownership, or Business Locations. (a) Engage in or
permit any of its Subsidiaries to engage in any business other than the businesses currently
engaged in by Borrower and such Subsidiary, as applicable, or reasonably related thereto; (b)
liquidate or dissolve; (c) have a change of management in which any Key Person ceases to hold such
offices with Borrower; or (d) enter into any transaction or series of related transactions in which
the stockholders of Borrower who were not stockholders immediately prior to the first such
transaction own more than forty-nine (49%) of the voting stock of Borrower immediately after giving
effect to such transaction or related series of such transactions (other

10

 

than by the sale of Borrower’s equity securities in a public offering or to venture capital
investors so long as Borrower identifies to Bank the venture capital investors prior to the closing
of the transaction). Borrower shall not, without at least thirty (30) days prior written notice to
Bank: (1) add any new offices or business locations, including warehouses (unless such new offices
or business locations contain less than Ten Thousand Dollars ($10,000) in Borrower’s assets or
property), (2) change its jurisdiction of organization, (3) change its organizational structure or
type, (4) change its legal name, or (5) change any organizational number (if any) assigned by its
jurisdiction of organization.

     7.3 Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge
or consolidate, with any other Person, or acquire, or permit any of its Subsidiaries to acquire,
all or substantially all of the capital stock or property of another Person. A Subsidiary may
merge or consolidate into another Subsidiary or into Borrower.

     7.4 Indebtedness. Create, incur, assume, or be liable for any Indebtedness, or permit any
Subsidiary to do so, other than Permitted Indebtedness.

     7.5 Encumbrance. Create, incur, allow, or suffer any Lien on any of its property, or assign
or convey any right to receive income, including the sale of any Accounts, or permit any of its
Subsidiaries to do so, except for Permitted Liens, permit any Collateral not to be subject to the
first priority security interest granted herein, or enter into any agreement, document, instrument
or other arrangement (except with or in favor of Bank) with any Person which directly or indirectly
prohibits or has the effect of prohibiting Borrower from assigning, mortgaging, pledging, granting
a security interest in or upon, or encumbering any of Borrower’s intellectual property, except as
is otherwise permitted in Section 7.1 hereof and the definition of “Permitted Lien” herein.

     7.6 Maintenance of Collateral Accounts. Maintain any Collateral Account except pursuant to
the terms of Section 6.5 hereof.

     7.7 Distributions; Investments. (a) Pay any dividends or make any distribution or payment or
redeem, retire or purchase any capital stock provided that (i) Borrower may convert any of its
convertible securities into other securities pursuant to the terms of such convertible securities
or otherwise in exchange thereof, (ii) Borrower may pay dividends solely in common stock; and (iii)
Borrower may repurchase the stock of former employees or consultants pursuant to stock repurchase
agreements so long as an Event of Default does not exist at the time of such repurchase and would
not exist after giving effect to such repurchase, provided such repurchase does not exceed in the
aggregate of Fifty Thousand Dollars ($50,000) per fiscal year; or (b) directly or indirectly make
any Investment other than Permitted Investments, or permit any of its Subsidiaries to do so.

     7.8 Transactions with Affiliates. Directly or indirectly enter into or permit to exist any
material transaction with any Affiliate of Borrower, except for transactions that are in the
ordinary course of Borrower’s business, upon fair and reasonable terms that are no less favorable
to Borrower than would be obtained in an arm’s length transaction with a non-affiliated Person.

11

 

     7.9 Subordinated Debt. (a) Make or permit any payment on any Subordinated Debt, except under
the terms of the subordination, intercreditor, or other similar agreement to which such
Subordinated Debt is subject, or (b) amend any provision in any document relating to the
Subordinated Debt which would increase the amount thereof or adversely affect the subordination
thereof to Obligations owed to Bank.

     7.10 Compliance. Become an “investment company” or a company controlled by an “investment
company”, under the Investment Company Act of 1940 or undertake as one of its important activities
extending credit to purchase or carry margin stock (as defined in Regulation U of the Board of
Governors of the Federal Reserve System), or use the proceeds of any Credit Extension for that
purpose; fail to meet the minimum funding requirements of ERISA, permit a Reportable Event or
Prohibited Transaction, as defined in ERISA, to occur; fail to comply with the Federal Fair Labor
Standards Act or violate any other law or regulation, if the violation could reasonably be expected
to have a material adverse effect on Borrower’s business, or permit any of its Subsidiaries to do
so; withdraw or permit any Subsidiary to withdraw from participation in, permit partial or complete
termination of, or permit the occurrence of any other event with respect to, any present pension,
profit sharing and deferred compensation plan which could reasonably be expected to result in any
liability of Borrower, including any liability to the Pension Benefit Guaranty Corporation or its
successors or any other governmental agency.

     8 EVENTS OF DEFAULT

     Any one of the following shall constitute an event of default (an “Event of Default”) under
this Agreement:

     8.1 Payment Default. Borrower fails to (a) make any payment of principal or interest on any
Credit Extension on its due date, or (b) pay any other Obligations within three (3) Business Days
after such Obligations are due and payable (which three (3) day grace period shall not apply to
payments due on the Growth Capital Maturity Date). During the cure period, the failure to cure the
payment default is not an Event of Default (but no Credit Extension will be made during the cure
period);

     8.2 Covenant Default.

          (a) Borrower fails or neglects to perform any obligation in Sections 6.2, 6.3, 6.4, 6.5, 6.8
or violates any covenant in Section 7; or

          (b) Borrower fails or neglects to perform, keep, or observe any other term, provision,
condition, covenant or agreement contained in this Agreement or any Loan Documents, and as to any
default (other than those specified in this Section 8) under such other term, provision, condition,
covenant or agreement that can be cured, has failed to cure the default within ten (10) days after
the occurrence thereof; provided, however, that if the default cannot by its nature be cured within
the ten (10) day period or cannot after diligent attempts by Borrower be cured within such ten (10)
day period, and such default is likely to be cured within a reasonable time, then Borrower shall
have an additional period (which shall not in any case exceed thirty (30) days) to attempt to cure
such default, and within such reasonable time period the failure to cure the default shall not be
deemed an Event of Default (but no Credit Extensions

12

 

shall be made during such cure period). Grace periods provided under this section shall not
apply, among other things, to financial covenants or any other covenants set forth in subsection
(a) above;

     8.3 Material Adverse Change. A Material Adverse Change occurs;

     8.4 Attachment. (a) Any material portion of Borrower’s assets is attached, seized, levied on,
or comes into possession of a trustee or receiver; (b) the service of process seeking to attach, by
trustee or similar process, any funds of Borrower or of any entity under control of Borrower
(including a Subsidiary) on deposit with Bank or any Bank Affiliate; (c) Borrower is enjoined,
restrained, or prevented by court order from conducting any part of its business; or (d) a notice
of lien, levy, or assessment is filed against any of Borrower’s assets by any government agency,
and the same under clauses (a) through (d) hereof are not, within ten (10) days after the
occurrence thereof, discharged or stayed (whether through the posting of a bond or otherwise);
provided, however, no Credit Extensions shall be made during any ten (10) day cure period;

     8.5 Insolvency. (a) Borrower is unable to pay its debts (including trade debts) as they
become due or otherwise becomes insolvent; (b) Borrower begins an Insolvency Proceeding; or (c) an
Insolvency Proceeding is begun against Borrower and not dismissed or stayed within forty-five (45)
days (but no Credit Extensions shall be made while of any of the conditions described in clause (a)
exist and/or until any Insolvency Proceeding is dismissed);

     8.6 Other Agreements. There is a default in any agreement to which Borrower is a party with a
third party or parties resulting in a right by such third party or parties, whether or not
exercised, to accelerate the maturity of any Indebtedness in an amount in excess of Fifty Thousand
Dollars ($50,000) or that could have a material adverse effect on Borrower’s or any Guarantor’s
business;

     8.7 Judgments. One or more judgments, orders, or decrees for the payment of money in an
amount, individually or in the aggregate, of at least Fifty Thousand Dollars ($50,000) (not covered
by independent third-party insurance as to which liability has been accepted by such insurance
carrier) shall be rendered against Borrower and shall remain unsatisfied, unvacated, or unstayed
for a period often (10) days after the entry thereof (provided that no Credit Extensions will be
made prior to the satisfaction, vacation, or stay of such judgment, order, or decree);

     8.8 Misrepresentations. Borrower or any Person acting for Borrower makes any representation,
warranty, or other statement now or later in this Agreement, any Loan Document or in any writing
delivered to Bank or to induce Bank to enter this Agreement or any Loan Document, and such
representation, warranty, or other statement is incorrect in any material respect when made;

     8.9 Subordinated Debt. A default or breach occurs under any agreement between Borrower and
any creditor of Borrower that signed a subordination, intercreditor, or other similar agreement
with Bank, or any creditor that has signed such an agreement with Bank breaches any terms of such
agreement; or

13

 

     8.10 Governmental Approvals. Any Governmental Approval held by Borrower on the Effective Date
or thereafter shall have been (a) revoked, rescinded, suspended, modified in an adverse manner or
not renewed in the ordinary course for a full term or (b) subject to any decision by a Governmental
Authority that designates a hearing with respect to any applications for renewal of any such
Governmental Approval or that could result in the Governmental Authority taking any of the actions
described in clause (a) above, and such decision or such revocation, rescission, suspension,
modification or non-renewal (i) has, or could reasonably be expected to have, a Material Adverse
Change, or (ii) adversely affects the legal qualifications of Borrower or any of its Subsidiaries
to hold such Governmental Approval in any applicable jurisdiction and such revocation, rescission,
suspension, modification or non-renewal could reasonably be expected to affect the status of or
legal qualifications of Borrower or any of its Subsidiaries to hold any Governmental Approval in
any other jurisdiction.

     9 BANK’S RIGHTS AND REMEDIES

     9.1 Rights and Remedies. While an Event of Default occurs and continues Bank may, without
notice or demand, do any or all of the following:

          (a) declare all Obligations immediately due and payable (but if an Event of Default described
in Section 8.5 occurs all Obligations are immediately due and payable without any action by Bank);

          (b) stop advancing money or extending credit for Borrower’s benefit under this Agreement or
under any other agreement between Borrower and Bank;

          (c) settle or adjust disputes and claims directly with Account Debtors for amounts on terms
and in any order that Bank considers advisable, notify any Person owing Borrower money of Bank’s
security interest in such funds, and verify the amount of such account;

          (d) make any payments and do any acts it considers necessary or reasonable to protect the
Collateral and/or its security interest in the Collateral. Borrower shall assemble the Collateral
if Bank requests and make it available as Bank designates. Bank may enter premises where the
Collateral is located, take and maintain possession of any part of the Collateral, and pay,
purchase, contest, or compromise any Lien which appears to be prior or superior to its security
interest and pay all expenses incurred. Borrower grants Bank a license to enter and occupy any of
its premises, without charge, to exercise any of Bank’s rights or remedies;

          (e) apply to the Obligations (i) any balances and deposits of Borrower it holds, or (ii) any
amount held by Bank owing to or for the credit or the account of Borrower;

          (f) ship, reclaim, recover, store, finish, maintain, repair, prepare for sale, advertise for
sale, and sell the Collateral. Bank is hereby granted a non-exclusive, royalty-free license or
other right to use without charge, Borrower’s labels, patents, copyrights, mask works, rights of
use of any name, trade secrets, trade names, trademarks, service marks, and advertising matter, or
any similar property as it pertains to the Collateral, in completing production of, advertising for
sale, and selling any Collateral and, in connection with Bank’s exercise of its

14

 

rights under this Section, Borrower’s rights under all licenses and all franchise agreements
inure to Bank’s benefit;

          (g) place a “hold” on any account maintained with Bank and/or deliver a notice of exclusive
control, any entitlement order, or other directions or instructions pursuant to any Control
Agreement or similar agreements providing control of any Collateral;

          (h) demand and receive possession of Borrower’s Books; and

          (i) exercise all rights and remedies available to Bank under the Loan Documents or at law or
equity, including all remedies provided under the Code (including disposal of the Collateral
pursuant to the terms thereof).

     9.2 Power of Attorney. Borrower hereby irrevocably appoints Bank as its lawful
attorney-in-fact, exercisable upon the occurrence and during the continuance of an Event of
Default, to: (a) endorse Borrower’s name on any checks or other forms of payment or security; (b)
sign Borrower’s name on any invoice or bill of lading for any Account or drafts against Account
Debtors; (c) settle and adjust disputes and claims about the Accounts directly with Account
Debtors, for amounts and on terms Bank determines reasonable; (d) make, settle, and adjust all
claims under Borrower’s insurance policies; (e) pay, contest or settle any Lien, charge,
encumbrance, security interest, and adverse claim in or to the Collateral, or any judgment based
thereon, or otherwise take any action to terminate or discharge the same; and (f) transfer the
Collateral into the name of Bank or a third party as the Code permits. Borrower hereby appoints
Bank as its lawful attorney-in-fact to sign Borrower’s name on any documents necessary to perfect
or continue the perfection of Bank’s security interest in the Collateral regardless of whether an
Event of Default has occurred until all Obligations have been satisfied in full and Bank is under
no further obligation to make Credit Extensions hereunder. Bank’s foregoing appointment as
Borrower’s attorney in fact, and all of Bank’s rights and powers, coupled with an interest, are
irrevocable until all Obligations have been fully repaid and performed and Bank’s obligation to
provide Credit Extensions terminates.

     9.3 Protective Payments. If Borrower fails to obtain the insurance called for by Section 6.4
or fails to pay any premium thereon or fails to pay any other amount which Borrower is obligated to
pay under this Agreement or any other Loan Document, Bank may obtain such insurance or make such
payment, and all amounts so paid by Bank are Bank Expenses and immediately due and payable, bearing
interest at the then highest applicable rate, and secured by the Collateral. Bank will make
reasonable efforts to provide Borrower with notice of Bank obtaining such insurance at the time it
is obtained or within a reasonable time thereafter. No payments by Bank are deemed an agreement to
make similar payments in the future or Bank’s waiver of any Event of Default.

     9.4 Application of Payments and Proceeds. Borrower shall have no right to specify the order
or the accounts to which Bank shall allocate or apply any payments required to be made by Borrower
to Bank or otherwise received by Bank under this Agreement when any such allocation or application
is not specified elsewhere in this Agreement. If an Event of Default has occurred and is
continuing, Bank may apply any funds in its possession, whether from Borrower account balances,
payments, proceeds realized as the result of any collection of Accounts or

15

 

other disposition of the Collateral, or otherwise, to the Obligations in such order as Bank
shall determine in its sole discretion. Any surplus shall be paid to Borrower or other Persons
legally entitled thereto; Borrower shall remain liable to Bank for any deficiency. If Bank, in its
good faith business judgment, directly or indirectly enters into a deferred payment or other credit
transaction with any purchaser at any sale of Collateral, Bank shall have the option, exercisable
at any time, of either reducing the Obligations by the principal amount of the purchase price or
deferring the reduction of the Obligations until the actual receipt by Bank of cash therefor.

     9.5 Bank’s Liability for Collateral. So long as Bank complies with reasonable banking
practices regarding the safekeeping of the Collateral in the possession or under the control of
Bank, Bank shall not be liable or responsible for: (a) the safekeeping of the Collateral; (b) any
loss or damage to the Collateral; (c) any diminution in the value of the Collateral; or (d) any act
or default of any carrier, warehouseman, bailee, or other Person. Borrower bears all risk of loss,
damage or destruction of the Collateral.

     9.6 No Waiver; Remedies Cumulative. Bank’s failure, at any time or times, to require strict
performance by Borrower of any provision of this Agreement or any other Loan Document shall not
waive, affect, or diminish any right of Bank thereafter to demand strict performance and compliance
herewith or therewith. No waiver hereunder shall be effective unless signed by Bank and then is
only effective for the specific instance and purpose for which it is given. Bank’s rights and
remedies under this Agreement and the other Loan Documents are cumulative. Bank has all rights and
remedies provided under the Code, by law, or in equity. Bank’s exercise of one right or remedy is
not an election, and Bank’s waiver of any Event of Default is not a continuing waiver. Bank’s
delay in exercising any remedy is not a waiver, election, or acquiescence.

     9.7 Demand Waiver. Borrower waives demand, notice of default or dishonor, notice of payment
and nonpayment, notice of any default, nonpayment at maturity, release, compromise, settlement,
extension, or renewal of accounts, documents, instruments, chattel paper, and guarantees held by
Bank on which Borrower is liable.

     10 NOTICES

     All notices, consents, requests, approvals, demands, or other communication (collectively,
“Communication”) by any party to this Agreement or any other Loan Document must be in writing and
shall be deemed to have been validly served, given, or delivered: (a) upon the earlier of actual
receipt and three (3) Business Days after deposit in the U.S. mail, first class, registered or
certified mail return receipt requested, with proper postage prepaid; (b) upon transmission, when
sent by electronic mail or facsimile transmission; (c) one (1) Business Day after deposit with a
reputable overnight courier with all charges prepaid; or (d) when delivered, if hand-delivered by
messenger, all of which shall be addressed to the party to be notified and sent to the address,
facsimile number, or email address indicated below. Bank or Borrower may change its address or
facsimile number by giving the other party written notice thereof in accordance with the terms of
this Section 10.

16

 

	 	 	 
	If to Borrower:
	 	LendingClub Corporation
	 
	 	440 North Wolfe Road
	 
	 	Sunnyvale, California 94085
	 
	 	Attn:  Renaud Laplanche, President
	 
	 	Fax:  (408) 716-3092
	 
	 	Email:  rlaplanche@lendingclub.com
	 
	 	 
	If to Bank:
	 	Silicon Valley Bank
	 
	 	3003 Tasman Drive
	 
	 	Santa Clara, California 95054
	 
	 	Attn:  Vera Shokina, Relationship Manager
	 
	 	Fax:  (408)654-5517
	 
	 	Email:  vshokina@svb.com

     11 CHOICE OF LAW, VENUE, JURY TRIAL WAIVER AND JUDICIAL REFERENCE

     California law governs the Loan Documents without regard to principles of conflicts of law.
Borrower and Bank each submit to the exclusive jurisdiction of the State and Federal courts in
Santa Clara County, California; provided, however, that nothing in this Agreement shall be deemed
to operate to preclude Bank from bringing suit or taking other legal action in any other
jurisdiction to realize on the Collateral or any other security for the Obligations, or to enforce
a judgment or other court order in favor of Bank. Borrower expressly submits and consents in
advance to such jurisdiction in any action or suit commenced in any such court, and Borrower hereby
waives any objection that it may have based upon lack of personal jurisdiction, improper venue, or
forum non conveniens and hereby consents to the granting of such legal or equitable relief as is
deemed appropriate by such court. Borrower hereby waives personal service of the summons,
complaints, and other process issued in such action or suit and agrees that service of such
summons, complaints, and other process may be made by registered or certified mail addressed to
Borrower at the address set forth in Section 10 of this Agreement and that service so made shall be
deemed completed upon the earlier to occur of Borrower’s actual receipt thereof or three (3) days
after deposit in the U.S. mails, proper postage prepaid.

     TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, BORROWER AND BANK EACH WAIVE THEIR RIGHT TO
A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION ARISING OUT OF OR BASED UPON THIS AGREEMENT, THE LOAN
DOCUMENTS OR ANY CONTEMPLATED TRANSACTION, INCLUDING CONTRACT, TORT, BREACH OF DUTY AND ALL OTHER
CLAIMS. THIS WAIVER IS A MATERIAL INDUCEMENT FOR BOTH PARTIES TO ENTER INTO THIS AGREEMENT. EACH
PARTY HAS REVIEWED THIS WAIVER WITH ITS COUNSEL.

     WITHOUT INTENDING IN ANY WAY TO LIMIT THE PARTIES’ AGREEMENT TO WAIVE THEIR RESPECTIVE RIGHT
TO A TRIAL BY JURY, if the above waiver of the right to a trial by jury is not enforceable, the
parties hereto agree that any and all disputes or controversies of any nature between them arising
at any time shall be decided by a reference to a private judge, mutually selected by the parties
(or, if they cannot agree, by the Presiding Judge of

17

 

the Santa Clara County, California Superior Court) appointed in accordance with California
Code of Civil Procedure Section 638 (or pursuant to comparable provisions of federal law if the
dispute falls within the exclusive jurisdiction of the federal courts), sitting without a jury, in
Santa Clara County, California; and the parties hereby submit to the jurisdiction of such court.
The reference proceedings shall be conducted pursuant to and in accordance with the provisions of
California Code of Civil Procedure §§ 638 through 645.1, inclusive. The private judge shall have
the power, among others, to grant provisional relief, including without limitation, entering
temporary restraining orders, issuing preliminary and permanent injunctions and appointing
receivers. All such proceedings shall be closed to the public and confidential and all records
relating thereto shall be permanently sealed. If during the course of any dispute, a party desires
to seek provisional relief, but a judge has not been appointed at that point pursuant to the
judicial reference procedures, then such party may apply to the Santa Clara County, California
Superior Court for such relief. The proceeding before the private judge shall be conducted in the
same manner as it would be before a court under the rules of evidence applicable to judicial
proceedings. The parties shall be entitled to discovery which shall be conducted in the same
manner as it would be before a court under the rules of discovery applicable to judicial
proceedings. The private judge shall oversee discovery and may enforce all discovery rules and
order applicable to judicial proceedings in the same manner as a trial court judge. The parties
agree that the selected or appointed private judge shall have the power to decide all issues in the
action or proceeding, whether of fact or of law, and shall report a statement of decision thereon
pursuant to the California Code of Civil Procedure § 644(a). Nothing in this paragraph shall limit
the right of any party at any time to exercise self-help remedies, foreclose against collateral, or
obtain provisional remedies. The private judge shall also determine all issues relating to the
applicability, interpretation, and enforceability of this paragraph.

     12 GENERAL PROVISIONS

     12.1 Successors and Assigns. This Agreement binds and is for the benefit of the successors
and permitted assigns of each party. Borrower may not assign this Agreement or any rights or
obligations under it without Bank’s prior written consent (which may be granted or withheld in
Bank’s discretion). Bank has the right, without the consent of or notice to Borrower, to sell,
transfer, negotiate, or grant participation in all or any part of, or any interest in, Bank’s
obligations, rights, and benefits under this Agreement and the other Loan Documents.

     12.2 Indemnification. Borrower agrees to indemnify, defend and hold Bank and its directors,
officers, employees, agents, attorneys, or any other Person affiliated with or representing Bank
harmless against: (a) all obligations, demands, claims, and liabilities (collectively, “Claims”)
asserted by any other party in connection with the transactions contemplated by the Loan Documents;
and (b) all losses or Bank Expenses incurred, or paid by Bank from, following, or arising from
transactions between Bank and Borrower (including reasonable attorneys’ fees and expenses), except
for Claims and/or losses directly caused by Bank’s gross negligence or willful misconduct.

     12.3 Time of Essence. Time is of the essence for the performance of all Obligations in this
Agreement.

18

 

     12.4 Severability of Provisions. Each provision of this Agreement is severable from every
other provision in determining the enforceability of any provision.

     12.5 Amendments in Writing; Integration. All amendments to this Agreement must be in writing
and signed by both Bank and Borrower. This Agreement and the Loan Documents represent the entire
agreement about this subject matter and supersede prior negotiations or agreements. All prior
agreements, understandings, representations, warranties, and negotiations between the parties about
the subject matter of this Agreement and the Loan Documents merge into this Agreement and the Loan
Documents.

     12.6 Counterparts. This Agreement may be executed in any number of counterparts and by
different parties on separate counterparts, each of which, when executed and delivered, are an
original, and all taken together, constitute one Agreement.

     12.7 Survival. All covenants, representations and warranties made in this Agreement continue
in full force until this Agreement has terminated pursuant to its terms and all Obligations (other
than inchoate indemnity obligations and any other obligations which, by their terms, are to survive
the termination of this Agreement) have been satisfied. The obligation of Borrower in Section 12.2
to indemnify Bank shall survive until the statute of limitations with respect to such claim or
cause of action shall have run.

     12.8 Confidentiality. In handling any confidential information, Bank shall exercise the same
degree of care that it exercises for its own proprietary information, but disclosure of information
may be made: (a) to Bank’s Subsidiaries or Affiliates; (b) to prospective transferees or
purchasers of any interest in the Credit Extensions (provided, however, Bank shall use commercially
reasonable efforts to obtain such prospective transferee’s or purchaser’s agreement to the terms of
this provision); (c) as required by law, regulation, subpoena, or other order; (d) to Bank’s
regulators or as otherwise required in connection with Bank’s examination or audit; and (c) as Bank
considers appropriate in exercising remedies under this Agreement. Confidential information docs
not include information that either: (i) is in the public domain or in Bank’s possession when
disclosed to Bank, or becomes part of the public domain after disclosure to Bank; or (ii) is
disclosed to Bank by a third party, if Bank does not know that the third party is prohibited from
disclosing the information.

     12.9 Attorneys’ Fees, Costs and Expenses. In any action or proceeding between Borrower and
Bank arising out of or relating to the Loan Documents, the prevailing party shall be entitled to
recover its reasonable attorneys’ fees and other costs and expenses incurred, in addition to any
other relief to which it may be entitled.

     13 DEFINITIONS

     13.1 Definitions. As used in this Agreement, the following terms have the following meanings:

     “Account” is any “account” as defined in the Code with such additions to such term as may
hereafter be made, and includes, without limitation, all accounts receivable and other sums owing
to Borrower.

19

 

     “Account Debtor” is any “account debtor” as defined in the Code.

     “Affiliate” of any Person is a Person that owns or controls directly or indirectly the Person,
any Person that controls or is controlled by or is under common control with the Person, and each
of that Person’s senior executive officers, directors, partners and, for any Person that is a
limited liability company, that Person’s managers and members.

     “Agreement” is defined in the preamble hereof.

     “Bank” is defined in the preamble hereof.

     “Bank Expenses” are all audit fees and expenses, costs, and expenses (including reasonable
attorneys’ fees and expenses) for preparing, amending, negotiating, administering, defending and
enforcing the Loan Documents (including, without limitation, those incurred in connection with
appeals or Insolvency Proceedings) or otherwise incurred with respect to Borrower.

     “Borrower” is defined in the preamble hereof.

     “Borrower’s Books” are all Borrower’s books and records including ledgers, federal and state
tax returns, records regarding Borrower’s assets or liabilities, the Collateral, business
operations or financial condition, and all computer programs or storage or any equipment containing
such information.

     “Borrowing Resolutions” are, with respect to any Person, those resolutions substantially in
the form attached hereto as Exhibit C.

     “Business Day” is any day that is not a Saturday, Sunday or a day on which Bank is closed.

     “Cash Equivalents” means (a) marketable direct obligations issued or unconditionally
guaranteed by the United States or any agency or any State thereof having maturities of not more
than one (1) year from the date of acquisition; (b) commercial paper maturing no more than one (1)
year after its creation and having the highest rating from either Standard & Poor’s Ratings Group
or Moody’s Investors Service, Inc.; and (c) Bank’s certificates of deposit issued maturing no more
than one (1) year after issue.

     “Code” is the Uniform Commercial Code, as the same may, from time to time, be enacted and in
effect in the State of California; provided, that, to the extent that the Code is used to define
any term herein or in any Loan Document and such term is defined differently in different Articles
or Divisions of the Code, the definition of such term contained in Article or Division 9 shall
govern; provided further, that in the event that, by reason of mandatory provisions of law, any or
all of the attachment, perfection, or priority of, or remedies with respect to, Bank’s Lien on any
Collateral is governed by the Uniform Commercial Code in effect in a jurisdiction other than the
State of California, the term “Code” shall mean the Uniform Commercial Code as enacted and in
effect in such other jurisdiction solely for purposes on the provisions thereof relating to such
attachment, perfection, priority, or remedies and for purposes of definitions relating to such
provisions.

20

 

     “Collateral” is any and all properties, rights and assets of Borrower described on Exhibit
A.

     “Collateral Account” is any Deposit Account, Securities Account, or Commodity Account.

     “Commodity Account” is any “commodity account” as defined in the Code.

     “Communication” is defined in Section 10.

     “Compliance Certificate” is that certain certificate in the form attached hereto as
Exhibit D.

     “Contingent Obligation” is, for any Person, any direct or indirect liability, contingent or
not, of that Person for (a) any indebtedness, lease, dividend, letter of credit or other obligation
of another such as an obligation directly or indirectly guaranteed, endorsed, co-made, discounted
or sold with recourse by that Person, or for which that Person is directly or indirectly liable;
(b) any obligations for undrawn letters of credit for the account of that Person; and (c) all
obligations from any interest rate, currency or commodity swap agreement, interest rate cap or
collar agreement, or other agreement or arrangement designated to protect a Person against
fluctuation in interest rates, currency exchange rates or commodity prices; but “Contingent
Obligation” does not include endorsements in the ordinary course of business. The amount of a
Contingent Obligation is the stated or determined amount of the primary obligation for which the
Contingent Obligation is made or, if not determinable, the maximum reasonably anticipated liability
for it determined by the Person in good faith; but the amount may not exceed the maximum of the
obligations under any guarantee or other support arrangement.

     “Control Agreement” is any control agreement entered into among the depository institution at
which Borrower maintains a Deposit Account or the securities intermediary or commodity intermediary
at which Borrower maintains a Securities Account or a Commodity Account, Borrower, and Bank
pursuant to which Bank obtains control (within the meaning of the Code) over such Deposit Account,
Securities Account, or Commodity Account.

     “Credit Extension” is any Growth Capital Advance or any other extension of credit by Bank for
Borrower’s benefit.

     “Default” means any event which with notice or passage of time or both, would constitute an
Event of Default.

     “Default Rate” is defined in Section 2.3(b).

     “Deposit Account” is any “deposit account” as defined in the Code.

     “Designated Deposit Account” is Borrower’s deposit account, account number                     ,
maintained with Bank.

     “Dollars,” “dollars” and “$” each mean lawful money of the United States.

21

 

     “Draw Period” is the period of time from the Effective Date through the earlier to occur of
(a) January 31, 2008, or (b) an Event of Default.

     “Effective Date” is the date Bank executes this Agreement as indicated on the signature page
hereof.

     “Equipment” is all “equipment” as defined in the Code, and includes without limitation all
machinery, fixtures, goods, vehicles (including motor vehicles and trailers), and any interest in
any of the foregoing.

     “ERISA” is the Employee Retirement Income Security Act of 1974, and its regulations.

     “Event of Default” is defined in Section 8.

     “Final Payment” is a payment (in addition to and not a substitution for the regular monthly
payments of principal plus accrued interest) due on the earlier of (a) the applicable Growth
Capital Maturity Date or (b) the termination of the Growth Capital Line, equal to the aggregate
Loan Amount with regard to all applicable Growth Capital Advances multiplied by the Final Payment
Percentage.

     “Final Payment Percentage” is, for each Growth Capital Advance, one and fifteen hundredth of
one percent (1.15%).

     “First Payment Date” is defined in 2.2(b).

     “Funding Date” is any date on which a Credit Extension is made to or on account of Borrower
which shall be a Business Day.

     “GAAP” is generally accepted accounting principles set forth in the opinions and
pronouncements of the Accounting Principles Board of the American Institute of Certified Public
Accountants and statements and pronouncements of the Financial Accounting Standards Board or in
such other statements by such other Person as may be approved by a significant segment of the
accounting profession, which are applicable to the circumstances as of the date of determination.

     “General Intangibles” is all “general intangibles” as defined in the Code in effect on the
date hereof, and includes without limitation, all copyright rights, copyright applications,
copyright registrations and like protections in each work of authorship and derivative work,
whether published or unpublished, any patents, trademarks, service marks and, to the extent
permitted under applicable law, any applications therefor, whether registered or not, any trade
secret rights, including any rights to unpatented inventions, payment intangibles, royalties,
contract rights, goodwill, franchise agreements, purchase orders, customer lists, route lists,
telephone numbers, domain names, claims, income and other tax refunds, security and other deposits,
options to purchase or sell real or personal property, rights in all litigation presently or
hereafter pending (whether in contract, tort or otherwise), insurance policies (including without
limitation key man, property damage, and business interruption insurance), payments of insurance
and rights to payment of any kind.

22

 

     “Governmental Approval” is any consent, authorization, approval, order, license, franchise,
permit, certificate, accreditation, registration, filing or notice, of, issued by, from or to, or
other act by or in respect of, any Governmental Authority.

     “Governmental Authority” is any nation or government, any state or other political subdivision
thereof, any agency, authority, instrumentality, regulatory body, court, central bank or other
entity exercising executive, legislative, judicial, taxing, regulatory or administrative functions
of or pertaining to government, any securities exchange and any self-regulatory organization.

     “Growth Capital Advance” is defined in Section 2.2(a).

     “Growth Capital Line” is a Growth Capital Advance or Growth Capital Advances in an aggregate
amount not to exceed Three Million Dollars ($3,000,000) outstanding at any time.

     “Growth Capital Maturity Date” is, for each Growth Capital Advance, a date thirty-five (35)
months after the First Payment Date for such Growth Capital Advance.

     “Indebtedness” is (a) indebtedness for borrowed money or the deferred price of property or
services, such as reimbursement and other obligations for surety bonds and letters of credit, (b)
obligations evidenced by notes, bonds, debentures or similar instruments, (c) capital lease
obligations, and (d) Contingent Obligations.

     “Insolvency Proceeding” is any proceeding by or against any Person under the United States
Bankruptcy Code, or any other bankruptcy or insolvency law, including assignments for the benefit
of creditors, compositions, extensions generally with its creditors, or proceedings seeking
reorganization, arrangement, or other relief.

     “Inventory” is all “inventory” as defined in the Code in effect on the date hereof, and
includes without limitation all merchandise, raw materials, parts, supplies, packing and shipping
materials, work in process and finished products, including without limitation such inventory as is
temporarily out of Borrower’s custody or possession or in transit and including any returned goods
and any documents of title representing any of the above.

     “Investment” is any beneficial ownership interest in any Person (including stock, partnership
interest or other securities), and any loan, advance or capital contribution to any Person.

     “Key Person” is any of Borrower’s President and Chief Executive Officer, and Chief Financial
Officer, who are, as of the Effective Date, Renaud Laplanche and John Donovan, respectively.

     “Lien” is a claim, mortgage, deed of trust, levy, charge, pledge, security interest or other
encumbrance of any kind, whether voluntarily incurred or arising by operation of law or otherwise
against any property.

     “Loan Amount” in respect of each Growth Capital Advance is the original principal amount of
such Growth Capital Advance.

23

 

     “Loan Documents” are, collectively, this Agreement, the Warrant, the Perfection Certificate,
any note, or notes or guaranties executed by Borrower, and any other present or future agreement
between Borrower and/or for the benefit of Bank in connection with this Agreement, all as amended,
restated, or otherwise modified.

     “Material Adverse Change” is (a) a material impairment in the perfection or priority of Bank’s
Lien in the Collateral or in the value of such Collateral; (b) a material adverse change in the
business, operations, or financial condition of Borrower; or (c) a material impairment of the
prospect of repayment of any portion of the Obligations.

     “Next Round” is defined in Section 6.8.

     “Obligations” are Borrower’s obligation to pay when due any debts, principal, interest, Bank
Expenses and other amounts Borrower owes Bank now or later, whether under this Agreement, the Loan
Documents, or otherwise, including, without limitation, all obligations relating to letters of
credit (including reimbursement obligations for drawn and undrawn letters of credit), cash
management services, and foreign exchange contracts, if any, and including interest accruing after
Insolvency Proceedings begin and debts, liabilities, or obligations of Borrower assigned to Bank,
and the performance of Borrower’s duties under the Loan Documents.

     “Operating Documents” are, for any Person, such Person’s formation documents, as certified
with the Secretary of State of such Person’s state of formation on a date that is no earlier than
thirty (30) days prior to the Effective Date, and, (a) if such Person is a corporation, its bylaws
in current form, (b) if such Person is a limited liability company, its limited liability company
agreement (or similar agreement), and (c) if such Person is a partnership, its partnership
agreement (or similar agreement), each of the foregoing with all current amendments or
modifications thereto.

     “Payment/Advance Form” is that certain form attached hereto as Exhibit B.

     “Perfection Certificate” is defined in Section 5.1.

     “Permitted Indebtedness” is:

          (a) Borrower’s Indebtedness to Bank under this Agreement and the other Loan Documents;

          (b) Indebtedness existing on the Effective Date and shown on the Perfection Certificate;

          (c) Subordinated Debt;

          (d) unsecured Indebtedness to trade creditors incurred in the ordinary course of business;

          (e) Indebtedness incurred as a result of endorsing negotiable instruments received in the
ordinary course of business;

24

 

          (f) Indebtedness secured by Permitted Liens; and

          (g) extensions, refinancings, modifications, amendments and restatements of any items of
Permitted Indebtedness (a) through (f) above, provided that the principal amount thereof is not
increased or the terms thereof are not modified to impose more burdensome terms upon Borrower or
its Subsidiary, as the case may be.

     “Permitted Investments” are:

          (a) Investments shown on the Perfection Certificate and existing on the Effective Date;

          (b) Cash Equivalents;

          (c) Investments consisting of the endorsement of negotiable instruments for deposit or
collection or similar transactions in the ordinary course of Borrower;

          (d) Investments consisting of deposit accounts in which Bank has a perfected security
interest;

          (e) Investments accepted in connection with Transfers permitted by Section 7.1;

          (f) Investments of Subsidiaries in or to other Subsidiaries or Borrower and Investments by
Borrower in Subsidiaries not to exceed Fifty Thousand Dollars ($50,000) in the aggregate in any
fiscal year;

          (g) Investments consisting of (i) travel advances and employee relocation loans and other
employee loans and advances in the ordinary course of business, and (ii) loans to employees,
officers or directors relating to the purchase of equity securities of Borrower or its Subsidiaries
pursuant to employee stock purchase plans or agreements approved by Borrower’s Board of Directors;

          (h) Investments (including debt obligations) received in connection with the bankruptcy or
reorganization of customers or suppliers and in settlement of delinquent obligations of, and other
disputes with, customers or suppliers arising in the ordinary course of business; and

          (i) Investments consisting of notes receivable of, or prepaid royalties and other credit
extensions, to customers and suppliers who are not Affiliates, in the ordinary course of business;
provided that this paragraph (i) shall not apply to Investments of Borrower in any Subsidiary.

     “Permitted Liens” are:

          (a) Liens existing on the Effective Date and shown on the Perfection Certificate or arising
under this Agreement and the other Loan Documents;

25

 

          (b) Liens for taxes, fees, assessments or other government charges or levies, either not
delinquent or being contested in good faith and for which Borrower maintains adequate reserves on
its Books, provided that no notice of any such Lien has been filed or recorded under the
Internal Revenue Code of 1986, as amended, and the Treasury Regulations adopted thereunder;

          (c) purchase money Liens (i) on Equipment acquired or held by Borrower incurred for financing
the acquisition of the Equipment securing no more than Fifty Thousand Dollars ($50,000) in the
aggregate amount outstanding, or (ii) existing on Equipment when acquired, if the Lien is
confined to the property and improvements and the proceeds of the Equipment;

          (d) Liens of carriers, warehousemen, suppliers, or other Persons that are possessory in nature
arising in the ordinary course of business so long as such Liens attach only to Inventory and which
are not delinquent or remain payable without penalty or which are being contested in good faith and
by appropriate proceedings which proceedings have the effect of preventing the forfeiture or sale
of the property subject thereto;

          (e) Liens to secure payment of workers’ compensation, employment insurance, old-age pensions,
social security and other like obligations incurred in the ordinary course of business (other than
Liens imposed by ERISA);

          (f) Liens incurred in the extension, renewal or refinancing of the indebtedness secured by
Liens described in (a) through (c), but any extension, renewal or replacement Lien must be
limited to the property encumbered by the existing Lien and the principal amount of the
indebtedness may not increase;

          (g) leases or subleases of real property granted in the ordinary course of business, and
leases, subleases, non-exclusive licenses or sublicenses of property (other than real property or
intellectual property) granted in the ordinary course of Borrower’s business, if the leases,
subleases, licenses and sublicenses do not prohibit granting Bank a security interest;

          (h) non-exclusive license of intellectual property granted to third parties in the ordinary
course of business;

          (i) Liens arising from attachments or judgments, orders, or decrees in circumstances not
constituting an Event of Default under Sections 8.4 and 8.7; and

          (j) Liens in favor of other financial institutions arising in connection with Borrower’s
deposit and/or securities accounts held at such institutions, provided that Bank has a perfected
security interest in the amounts held in such deposit and/or securities accounts.

     “Person” is any individual, sole proprietorship, partnership, limited liability company, joint
venture, company, trust, unincorporated organization, association, corporation, institution, public
benefit corporation, firm, joint stock company, estate, entity or government agency.

     “Prime Rate” is Bank’s most recently announced “prime rate,” even if it is not Bank’s lowest
rate.

26

 

     “Requirement of Law” is as to any Person, the organizational or governing documents of such
Person, and any law (statutory or common), treaty, rule or regulation or determination of an
arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon
such Person or any of its property or to which such Person or any of its property is subject.

     “Responsible Officer” is any of the Chief Executive Officer, President, Chief Financial
Officer or Controller of Borrower.

     “Securities Account” is any “securities account” as defined in the Code.

     “Subordinated Debt” is indebtedness incurred by Borrower subordinated to all of Borrower’s now
or hereafter indebtedness to Bank (pursuant to a subordination, intercreditor, or other similar
agreement in form and substance satisfactory to Bank entered into between Bank and the other
creditor), on terms acceptable to Bank.

     “Subsidiary” means, with respect to any Person, any Person of which more than 50.0% of the
voting stock or other equity interests (in the case of Persons other than corporations) is owned or
controlled directly or indirectly by such Person or one or more of Affiliates of such Person.

     “Transfer” is defined in Section 7.1.

     “Warrant” is that certain Warrant to Purchase Stock dated of even date herewith executed by
Borrower in favor of Bank.

[Signature page follows.]

27

 

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the
Effective Date.

	 	 	 	 	 
	BORROWER:	 	 
	 
	 	 	 	 
	LENDINGCLUB CORPORATION	 	 
	 
	 	 	 	 
	By 

Name:

	 	/s/ Renaud Laplanche
 

Renaud Laplanche
	 	 
	Title:

	 	CEO	 	 
	 
	 	 	 	 
	BANK:	 	 
	 
	 	 	 	 
	SILICON VALLEY BANK	 	 
	 
	 	 	 	 
	By 

Name:

	 	/s/ Vera Shokina
 

Vera Shokina
	 	 
	Title:

	 	Relationship Manager	 	 

Effective Date: October 29, 2007

28

 

EXHIBIT A

The Collateral consists of all of Borrower’s right, title and interest in and to the following
personal property:

     All goods, Accounts (including health-care receivables), Equipment, Inventory, contract rights
or rights to payment of money, leases, license agreements, franchise agreements, General
Intangibles (except as provided below), commercial tort claims, documents, instruments (including
any promissory notes), chattel paper (whether tangible or electronic), cash, deposit accounts,
fixtures, letters of credit rights (whether or not the letter of credit is evidenced by a writing),
securities, and all other investment property, supporting obligations, and financial assets,
whether now owned or hereafter acquired, wherever located; and

     all Borrower’s Books relating to the foregoing, and any and all claims, rights and interests
in any of the above and all substitutions for, additions, attachments, accessories, accessions and
improvements to and replacements, products, proceeds and insurance proceeds of any or all of the
foregoing.

     Notwithstanding the foregoing, the Collateral does not include any of the following, whether
now owned or hereafter acquired any copyright rights, copyright applications, copyright
registrations and like protections in each work of authorship and derivative work, whether
published or unpublished, any patents, patent applications and like protections, including
improvements, divisions, continuations, renewals, reissues, extensions, and continuations-in-part
of the same, trademarks, service marks and, to the extent permitted under applicable law, any
applications therefor, whether registered or not, and the goodwill of the business of Borrower
connected with and symbolized thereby, know-how, operating manuals, trade secret rights, rights to
unpatented inventions, and any claims for damage by way of any past, present, or future
infringement of any of the foregoing; provided, however, the Collateral shall include all Accounts,
license and royalty fees and other revenues, proceeds, or income arising out of or relating to any
of the foregoing.

     Borrower has agreed not to encumber any of its copyright rights, copyright applications,
copyright registrations and like protections in each work of authorship and derivative work,
whether published or unpublished, any patents, patent applications and like protections, including
improvements, divisions, continuations, renewals, reissues, extensions, and continuations-in-part
of the same, trademarks, service marks and, to the extent permitted under applicable law, any
applications therefor, whether registered or not, and the goodwill of the business of Borrower
connected with and symbolized thereby, know-how, operating manuals, trade secret rights, rights to
unpatented inventions, and any claims for damage by way of any past, present, or future
infringement of any of the foregoing, without Bank’s prior written consent.

1

 

EXHIBIT B

Loan Payment/Advance Request Form

Deadline for same day processing is noon p.s.t.

	 	 	 
	Fax To:

	 	Date:                                        

LOAN PAYMENT:

LENDINGCLUB CORPORATION

	 	 	 	 	 	 	 
	From Account #

	 	 	 	To Account #	 	 
	 

	 	 

	 

	 	(Deposit Account #)
	 	 	 	(Loan Account #)
	Principal $

	 	 	 	and/or Interest $	 	 
	 

	 	 	 	 
	Authorized Signature:

	 	 	 	Phone Number:	 	 
	 

	 	 
	 	 	 	 
	Print Name/Title:
	 	 	 	 	 	 
	 

	 	 	 	 

LOAN ADVANCE:

Complete Outgoing Wire Request section below if al! or a portion of the funds from this loan advance arc for an outgoing wire.

	 	 	 	 	 	 	 
	From Account #

	 	 	 	To Account #	 	 
	 

	 	 

	 

	 	(Loan Account #)
	 	 	 	(Deposit Account #)
	Amount of Advance $
	 	 	 	 	 	 
	 

	 	 	 	 	 	 

All Borrower’s representations and warranties in the Loan and Security Agreement are true, correct and complete in all
material respects on the date of the request for an advance; provided, however, that such materiality qualifier shall not be
applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof;
and provided, further that those representations and warranties expressly referring to a specific date shall be true,
accurate and complete in all material respects as of such date:

	 	 	 	 	 	 	 
	Authorized Signature:

	 	 	 	Phone Number:	 	 
	 

	 	 
	 	 	 	 
	Print Name/Title:
	 	 	 	 	 	 
	 

	 	 	 	 

OUTGOING WIRE REQUEST:

Complete only if all or a portion of funds from the loan advance above is to be wired.

Deadline for same day processing is noon. P.S.T.

	 	 	 	 	 	 	 
	Beneficiary Name:

	 	 	 	Amount of Wire: $	 	 
	 

	 	 
	 	 	 	 
	Beneficiary Bank:

	 	 	 	Account Number:	 	 
	 

	 	 
	 	 	 	 
	City and State:
	 	 	 	 	 	 

	 	 	 	 	 
	Beneficiary Bank Transit (ABA) #:

	 	 	 	Beneficiary Bank Code (Swift. Sort. Chip, etc.):
	 

	 	 

	 	        (For International Wire Only)

	 	 	 	 	 	 	 
	Intermediary Bank:

	 	 	 	Transit (ABA) #:	 	 
	 

	 	 

	For Further Credit to:
	 	 	 	 	 	 
	 	 	 

	 	 	 	 	 	 	 
	Special instruction:
	 	 	 	 	 	 
	 	 	 
	 
	 	 	 	 	 	 
	By signing below, I (we) acknowledge and agree that my (our) funds transfer
request shall be processed in accordance with and subject to the terms and
conditions set forth in the agreement(s) covering funds transfer service(s),
which agreements(s) were previously received and executed by me (us).
	 
	 	 	 	 	 	 
	Authorized Signature:

	 	 	 	2nd Signature (if required):	 	 
	 

	 	 
	 	 	 	 
	Print Name/Title:

	 	 	 	Print Name/Title:	 	 
	 

	 	 

	Telephone #:

	 	 	 	Telephone #:	 	 
	 

	 	 

1

 

EXHIBIT C 

BORROWING RESOLUTIONS

CORPORATE BORROWING CERTIFICATE

			
	BORROWER: LendingClub Corporation
	 	DATE: October __, 2007

	BANK:
 Silicon Valley Bank
	 	 

     I hereby certify as follows, as of the date set forth above:

1. I am the Secretary, Assistant Secretary or other officer of the Borrower. My title is as set
forth below.

2. Borrower’s exact legal name is set forth above. Borrower is a corporation existing under the
laws of the State of Delaware.

3. Attached hereto are true, correct and complete copies of Borrower’s Articles/Certificate of
Incorporation (including amendments), as filed with the Secretary of State of the state in which
Borrower is incorporated as set forth in paragraph 2 above. Such Articles/Certificate of
Incorporation have not been amended, annulled, rescinded, revoked or supplemented, and remain in
full force and effect as of the date hereof.

4. The following resolutions were duly and validly adopted by Borrower’s Board of Directors at a
duly held meeting of such directors (or pursuant to a unanimous written consent or other authorized
corporate action). Such resolutions are in full force and effect as of the date hereof and have
not been in any way modified, repealed, rescinded, amended or revoked, and Lenders may rely on them
until Lenders receive written notice of revocation from Borrower.

RESOLVED, that any one of the following officers or employees of Borrower, whose names,
titles and signatures are below, may act on behalf of Borrower:

	 	 	 	 	 	 	 
	 	 	 	 	 	 	Authorized to
	 	 	 	 	 	 	Add or
	 	 	 	 	 	 	Remove
	Name	 	Title	 	Signature	 	Signatories
	 

	 	 	 	 	 	o
	 

	 	 
	 	 	 	 
	 

	 	 	 	 	 	o
	 

	 	 
	 	 	 	 
	 

	 	 	 	 	 	o
	 

	 	 
	 	 	 	 
	 

	 	 	 	 	 	o
	 

	 	 
	 	 	 	 
	 

	 	 	 	 	 	o

RESOLVED
FURTHER, that any one of the persons designated above with a checked box beside his
or her name may, from time to time, add or remove any individuals to and from the above list
of persons authorized to act on behalf of Borrower.

1

 

RESOLVED FURTHER, that such individuals may, on behalf of Borrower:

Borrow
Money. Borrow money from Silicon Valley Bank (“Bank”).

Execute
Loan Documents. Execute any loan documents Bank requires.

Grant
Security. Grant Bank a security interest in any of Borrower’s assets.

Negotiate Items. Negotiate or discount all drafts, trade acceptances, promissory
notes, or other indebtedness in which Borrower has an interest and receive cash or
otherwise use the proceeds.

Letters
of Credit. Apply for letters of credit from Bank.

Foreign Exchange Contracts. Execute spot or forward foreign exchange contracts.

Issue Warrants. Issue warrants for Borrower’s capital stock.

Further Acts. Designate other individuals to request advances, pay fees and costs
and execute other documents or agreements (including documents or agreement that
waive Borrowers right to a jury trial) they believe to be necessary to effectuate
such resolutions.

RESOLVED FURTHER, that all acts authorized by the above resolutions and any prior acts
relating thereto are ratified.

5. The persons listed above are Borrower’s officers or employees with their titles and signatures
shown next to their names.

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

          *** If the Secretary, Assistant Secretary or other certifying officer executing above is
designated by the resolutions set forth in paragraph 4 as one of the authorized signing officers,
this Certificate must also be signed by a second authorized officer or director of Borrower.

     I,
the                      of Borrower, hereby certify as to paragraphs 1 through 5 above, as of the date set forth above.

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

2

 

EXHIBIT D

COMPLIANCE CERTIFICATE

	 	 	 	 	 
	TO:

	 	SILICON VALLEY BANK
	 	Date:                                        
	 
	 	 	 	 
	FROM:

	 	LENDINGCLUB CORPORATION	 	 

     The undersigned authorized officer of LendingClub Corporation (“Borrower”) certifies that
under the terms and conditions of the Loan and Security Agreement between Borrower and Bank (the
“Agreement’“), (1) Borrower is in complete compliance for the period ending                      with all
required covenants except as noted below, (2) there are no Events of Default, (3) all
representations and warranties in the Agreement are true and correct in all material respects on
this date except as noted below; provided, however, that such materiality qualifier shall not be
applicable to any representations and warranties that already are qualified or modified by
materiality in the text thereof: and provided, further that those representations and warranties
expressly referring to a specific date shall be true, accurate and complete in all material
respects as of such date, (4) Borrower, and each of its Subsidiaries, has timely filed all required
tax returns and reports, and Borrower has timely paid all foreign, federal, state and local taxes,
assessments, deposits and contributions owed by Borrower except as otherwise permitted pursuant to
the terms of Section 5.8 of the Agreement, and (5) no Liens have been levied or claims made against
Borrower or any of its Subsidiaries relating to unpaid employee payroll or benefits of which
Borrower has not previously provided written notification to Bank. Attached arc the required
documents supporting the certification. The undersigned certifies that these are prepared in
accordance with GAAP consistently applied from one period to the next except as explained in an
accompanying letter or footnotes. The undersigned acknowledges that no borrowings may be requested
at any time or date of determination that Borrower is not in compliance with any of the terms of
the Agreement, and that compliance is determined not just at the date this certificate is
delivered. Capitalized terms used but not otherwise defined herein shall have the meanings given
them in the Agreement.

Please indicate compliance status by circling Yes/No under “Complies” column.

	 	 	 	 	 
	Reporting Covenant	 	Required	 	Complies
	Monthly financial statements with
Compliance Certificate

	 	Monthly within 30 days
	 	Yes No
	 
	 	 	 	 
	Annual financial statement (CPA
Audited*) + CC

	 	FYE within 180 days
	 	Yes No
	 
	 	 	 	 
	10-Q, 10-K and 8-K

	 	Within 5 days after filing with SEC
	 	Yes No N/A
	 
	 	 	 	 
	Board Projections

	 	Annually	 	 
	 
	 	 	 	 
	BSA/AML internal
and independent
testing reports

	 	Time to time as requested by Bank
in its reasonable discretion
	 	Yes No

 

			
	*	 	lf required by Borrower’s Board; at all other times, company prepared financial statements
certified by a Responsible Officer are due.

1

 

     The following arc the exceptions with respect to the certification above: (If no exceptions
exist, state “No exceptions to note.”)

 

 

 

 

[SIGNATURES ON THE FOLLOWING PAGE]

2

 

	 	 	 	 	 	 	 
	LENDINGCLUB CORPORATION	 	BANK USE ONLY
	 
	 	 	 	 	 	 
	By:

	 	 	 	Received by:	 	 
	 
	 	 

	 

	 	 	 	 	 	AUTHORIZED SIGNER
	 
	 	 	 	 	 	 
	Name:

	 	 	 	Date:	 	 
	 
	 	 

	 
	 	 	 	 	 	 
	Title:

	 	 	 	Verified:	 	 
	 
	 	 

	 

	 	 	 	 	 	AUTHORIZED SIGNER
	 
	 	 	 	 	 	 
	 

	 	 	 	Date:	 	 
	 

	 	 	 	 

	 
	 	 	 	 	 	 
	 

	 	 	 	Compliance Status:
	 	 Yes     No

3

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