ELEVENTH AMENDMENT TO CREDIT AND SECURITY AGREEMENT
THIS ELEVENTH AMENDMENT TO CREDIT AND SECURITY AGREEMENT (this Amendment) is entered into as of August 11, 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. Borrower has requested that Lender amend the Loan Agreement as provided below.
C. Borrower and Lender desire to amend the Loan Documents, subject to the terms, conditions, and representations set forth herein, as requested by Borrower.
D. 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:
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.
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;
(c) Lender shall have received satisfactory evidence that Borrower has paid the fees and expenses of counsel described in Section 5;
(d) No Default or Event of Default shall have occurred and be continuing or shall result after giving effect to this Amendment;
(e) Lender shall have received (i) an officers certificate of an authorized officer of Borrower certifying and attaching true and correct copies of its most recent Constituent documents and (ii) a certified copy, signed by Borrowers secretary, of a resolution of the board of directors of Borrower authorizing this Amendment; and