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Share Name | Share Symbol | Market | Type |
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On Deck Capital Inc | NYSE:ONDK | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 1.83 | 0 | 01:00:00 |
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Delaware
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001-36779
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42-1709682
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(State or other jurisdiction
of incorporation) |
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(Commission
File Number)
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(I. R. S. Employer
Identification No.)
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¨
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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¨
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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¨
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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¨
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 1.01
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Entry into a Material Definitive Agreement.
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Facility Size
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$200 million
1
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Borrowing Base Advance Rate
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83% (Class A)
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Interest Rate
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Specified base rate
2
+ 2.25% (Class A)
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Commitment Termination Date
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December 8, 2018
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Rating
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The Class A loans were rated by DBRS, Inc. on the closing date
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1
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Class A Lenders’ obligation consists of a commitment to make Class A loans to PORT II in amount of up to $125 million on a revolving basis. Class A Lenders may also, in their sole discretion and on an uncommitted basis, make additional Class A loans to PORT II in amount of up to $75 million on a revolving basis.
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Financial Covenants.
Financial covenants include, among others, requirements with respect to minimum tangible net worth, maximum leverage ratio, minimum consolidated liquidity and minimum unrestricted cash.
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Portfolio Performance Covenants
. Portfolio performance covenants include, among others, requirements that the pool not exceed certain delinquency rates and that the excess spread on the pool not be less than stated minimum levels. Excess spread is generally the amount by which collections received by PORT II during a collection period (primarily interest and fees) exceed its fees and expenses during such collection period (including interest expense, servicing fees and charged-off receivables).
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Other Requirements.
Other requirements may include or relate to, among other things, change of control events, certain insolvency-related events, events constituting a servicer default, an inability to engage a replacement backup servicer following termination of the current backup servicer, the occurrence of certain events of default or acceleration under other facilities, the inability or failure of the Company to transfer loans to PORT II as required, failure to make required payments or deposits, ERISA-related events, events
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Item 2.03
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Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
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Item 7.01
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Regulation FD Disclosure.
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Item 9.01
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Financial Statements and Exhibits.
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Exhibit No.
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Description
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99.1
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Press release, dated December 9, 2016.
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Date: December 9, 2016
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On Deck Capital, Inc.
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/s/ Howard Katzenberg
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Howard Katzenberg
Chief Financial Officer
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Exhibit No.
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Description
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99.1
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Press release, dated December 9, 2016.
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1 Year On Deck Capital Chart |
1 Month On Deck Capital Chart |
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