SIXTH AMENDMENT TO CREDIT AND SECURITY AGREEMENT
THIS SIXTH AMENDMENT TO CREDIT AND SECURITY AGREEMENT (this Amendment) is entered into as of August 7, 2017, between LOANDEPOT.COM, LLC, a Delaware limited liability company (Borrower), and NEXBANK SSB (with its participants, successors and assigns, 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 July 14, 2017, Borrower executed a Fifth Amended and Restated Promissory Note in the principal amount of $80,000,000 in favor of Lender, evidencing the Loan (the Original Note).
C. Borrower and Lender have agreed to increase the maximum amount of the Loan in an amount equal to $10,000,000, after which the maximum outstanding principal balance of the Loan as of the Effective Date (as hereinafter defined) shall be $90,000,000.
D. Borrower has requested that Lender amend the Loan Agreement as provided below.
E. Borrower has requested that Lender amend the Original Note as provided in the Sixth Amended and Restated Promissory Note being delivered in connection herewith (the Amended and Restated Note).
F. Borrower and Lender desire to amend the Loan Documents, subject to the terms, conditions, and representations set forth herein, as requested by Borrower.
G. 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:
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Amendments to Loan Agreement. Subject to the satisfaction of the conditions set forth herein, the Loan Agreement is amended as follows:
(a) The following definition is hereby added to Section 1.1 of the Loan Agreement in the appropriate alphabetical order:
Interest Rate Sensitivity Analysis means an analysis with respect to the Serviced Loans that demonstrates the effect of a 25 basis point, 50 basis point, and 100 basis point increase and decrease in market interest rates on such Serviced Loans.
(b) The definition of Servicing Appraisal in Section 1.1 of the Loan Agreement is hereby amended and restated in its entirety to read as follows:
Servicing Appraisal means a written appraisal or evaluation by an Approved Servicing Appraiser evaluating the fair market value of all of the Pledged Agency Servicing Rights as of a date stated in the written report of such evaluation, each such evaluation and report to be made at Borrowers expense, to be addressed to the Lender and to be in a form reasonably acceptable to the Lender, it being understood that, for purposes of this Agreement, (i) if the opinion of value in