TENTH AMENDMENT AND WAIVER TO CREDIT AND SECURITY AGREEMENT
THIS TENTH AMENDMENT AND WAIVER TO CREDIT AND SECURITY AGREEMENT (this Amendment) is entered into as of March 12, 2020, 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 December 21, 2018, Borrower executed an Eight Amended and Restated Promissory Note in the principal amount of $50,000,000 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 $25,000,000, after which the maximum outstanding principal balance of the Loan as of the Effective Date (as hereinafter defined) shall be $75,000,000.
D. Borrower has requested that Lender amend the original Note as provided in the Ninth Amended and Restated Promissory Note being delivered in connection herewith (the Amended and Restated Note).
E. Borrower has requested that Lender amend the Loan Agreement as provided below.
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 Loan Agreement is hereby amended as reflected in Annex A attached hereto.
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Conditions Precedent. Notwithstanding any contrary provision, this Amendment shall be effective on the first Business Day upon which all of the following conditions precedent have been satisfied (the Effective Date):
(a) Lender shall have received counterparts of this Amendment executed by Borrower, Lender, and each other party set forth on the signature pages hereto;
(b) Lender shall have received written consent from Freddie Mac, consenting to Borrower and Lender entering into this Amendment; and the original executed Amended and Restated Note;