FOURTH AMENDMENT TO CREDIT AND SECURITY AGREEMENT
THIS FOURTH AMENDMENT TO CREDIT AND SECURITY AGREEMENT (this Amendment) is entered into as of December [__], 2015 (the Fourth Amendment Date), between LOANDEPOT.COM, LLC, a Delaware limited liability company (Borrower), and NEXBANK SSB (Lender).
R E C I T A L S
A. Borrower and Lender are parties to that certain Credit and Security Agreement dated as of October 29, 2014 (as amended, modified, supplemented, restated or amended and restated from time to time, the Loan Agreement). Unless otherwise indicated herein, all terms used with their initial letter capitalized are used herein with their meaning as defined in the Loan Agreement and all Section references are to Sections in the Loan Agreement.
B. On June 26, 2015, Borrower executed a Second Amended and Restated Promissory Note in the principal amount of $42,500,000 in favor of Lender, evidencing the Loan (the Original Note).
C. Pursuant to the terms of the Loan Agreement, on August 17, 2015, the Commitment was reduced from $42,500,000 to $30,000,000.
D. Borrower and Lender have agreed to a temporary increase in the amount of the Loan in an amount equal to $10,000,000, after which the outstanding principal balance of the Loan as of the Effective Date (as hereinafter defined) and until the Incremental Loan Termination Date (as hereinafter defined) shall be $40,000,000.
E. Borrower has requested that Lender amend the Loan Agreement as provided below.
F. Borrower has requested that Lender amend the Original Note as provided in the Amended and Restated Promissory Note being delivered in connection herewith.
G. Borrower and Lender desire to amend the Loan Documents, subject to the terms, conditions, and representations set forth herein, as requested by Borrower.
H. Borrower and Lender agree to the other terms and provisions provided below, subject to the terms, conditions, and representations set forth herein.
NOW, THEREFORE, in consideration of these premises and other valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree, as follows:
1. Amendments to Loan Agreement. Subject to the satisfaction of the conditions set forth herein, the Loan Agreement is amended as follows:
(a) The following definitions are hereby added to Section 1.1 of the Loan Agreement in the appropriate alphabetical order:
Incremental Facility has the meaning set forth in Section 2.6.
Incremental Loan has the meaning set forth in Section 2.6.
Incremental Loan Termination Date means 5:00 P.M. Dallas, Texas time on January 29, 2016 or such earlier date on which the Incremental Loan terminates as provided in this Agreement.