Exhibit 99.2
Quarterly Servicer Report
On Behalf of Funding Trust 2012-1
For the fiscal quarter ending March 31, 2014
Prepared: June 12, 2014
Table of Contents
| Obligor Credit Information |
2 | |||
| Obligor Key Performance Events |
3 | |||
| Loan Information |
4 | |||
| Waivers and Modifications |
5 | |||
| Related Term Loans |
6 | |||
| Related Revolvers |
7 |
Obligor Credit Information
| Data as of 3-31-14 | ||||||||||||||||||||||||||
| Obligor CODE |
Industry Sector | SubSector | Credit Score at Closing |
Current Credit Score |
Investment Stage at Closing |
Current Stage (as defined by equity round raised/Public/Other (LMM) |
Equity Raised to Date (in millions) |
Current Valuation (in millions) Post Money (Private), Market Cap (Public), EV (Other) |
Statement Date |
Period | LTM Revenues (in thousands) |
Total Senior Debt (in millions) |
TTM/ Annualized EBITDA (in thousands) | |||||||||||||
| OBLIGOR #1 |
Pharmaceuticals | Drug Delivery | 2 | N/A-Paid Off | Public | N/A-Paid Off | N/A-Paid Off | N/A-Paid Off | N/A-Paid Off | N/A-Paid Off | N/A-Paid Off | N/A-Paid Off | N/A-Paid Off | |||||||||||||
| OBLIGOR #2 |
Pharmaceuticals | Drug Delivery | 2 | N/A-Substituted | Public | N/A-Substituted | N/A- Substituted |
N/A-Substituted | N/A- Substituted |
N/A-Substituted | N/A-Substituted | N/A-Substituted | N/A- Substituted | |||||||||||||
| OBLIGOR #3 |
Energy Technology | Energy Technology | 2 | 3 | Public | Public | 966.8 | 109.3 | 3/31/2014 | LTM | 84,117 | 13.5 | NM | |||||||||||||
| OBLIGOR #4 |
Pharmaceuticals | Drug Discovery & Development |
2 | N/A-Substituted | Public | N/A-Substituted | N/A- Substituted |
N/A-Substituted | N/A- Substituted |
N/A-Substituted | N/A-Substituted | N/A-Substituted | N/A- Substituted | |||||||||||||
| OBLIGOR #5 |
Pharmaceuticals | Drug Discovery & Development |
2 | 2 | Public | Public | 495.2 | 77.4 | 3/31/2014 | LTM | 16,261 | 16.9 | NM | |||||||||||||
| OBLIGOR #6 |
Technology | Software | 1 | N/A-Substituted | Series E | N/A-Substituted | N/A- Substituted |
N/A-Substituted | N/A- Substituted |
N/A-Substituted | N/A-Substituted | N/A-Substituted | N/A- Substituted | |||||||||||||
| OBLIGOR #7 |
Pharmaceuticals | Drug Discovery & Development |
1 | 1 | Public | Public | 234.6 | 383.4 | 3/31/2014 | LTM | 10,854 | 15.0 | NM | |||||||||||||
| OBLIGOR #8 |
Pharmaceuticals | Drug Discovery & Development |
2 | N/A-Paid Off | Public | N/A-Paid Off | N/A-Paid Off | N/A-Paid Off | N/A-Paid Off | N/A-Paid Off | N/A-Paid Off | N/A-Paid Off | N/A-Paid Off | |||||||||||||
| OBLIGOR #9 |
Pharmaceuticals | Biotechnology Tools |
1 | N/A-Paid Off | Series A | N/A-Paid Off | N/A-Paid Off | N/A-Paid Off | N/A-Paid Off | N/A-Paid Off | N/A-Paid Off | N/A-Paid Off | N/A-Paid Off | |||||||||||||
| OBLIGOR #10 |
Technology | Information Services |
3 | 5 | Series A | Series A | 8.0 | 21.5 | 3/31/2014 | LTM | 3,475 | 0.5 | NM | |||||||||||||
| OBLIGOR #11 |
Energy Technology | Energy Technology | 2 | N/A-Paid Off | Public | N/A-Paid Off | N/A-Paid Off | N/A-Paid Off | N/A-Paid Off | N/A-Paid Off | N/A-Paid Off | N/A-Paid Off | N/A-Paid Off | |||||||||||||
| OBLIGOR #12 |
Energy Technology | Energy Technology | 2 | 1 | Series C | Public * | 74.1 | 351.6* | 3/31/2014 | LTM | 3,497 | 4.4 | NM | |||||||||||||
| OBLIGOR #13 |
Pharmaceuticals | Drug Discovery & Development |
1 | 1 | Public | Public | 537.7 | 747.6 | 3/31/2014 | LTM | 11,500 | 20.0 | NM | |||||||||||||
| OBLIGOR #14 |
Pharmaceuticals | Drug Delivery | 1 | N/A-Paid Off | Series B | N/A-Paid Off | N/A-Paid Off | N/A-Paid Off | N/A-Paid Off | N/A-Paid Off | N/A-Paid Off | N/A-Paid Off | N/A-Paid Off | |||||||||||||
| OBLIGOR #15 |
Medical Device | Biotechnology Tools |
2 | 2 | Series C | Series D | 53.4 | 85.6 | 3/31/2014 | LTM | 31,930 | 3.9 | NM | |||||||||||||
| OBLIGOR #16 |
Technology | Communications & Networking |
3 | 2 | Series E | Series A (Recap) | 190.55 | 186.35 | 6/30/2014 | LTM | 4,916 | 10.5 | NM | |||||||||||||
| OBLIGOR #17 |
Medical Device | Therapeutic | 2 | 4 | Series C | Series C | 59.8 | 83.6 | 3/31/2014 | LTM | 70 | 6.6 | NM | |||||||||||||
| OBLIGOR #18 |
Technology | Internet Consumer & Business Services |
2 | 2 | Series C | Series C | 44.3 | 110.0 | 3/31/2014 | LTM | 58,383 | 13.6 | 5,668 | |||||||||||||
| OBLIGOR #19 |
Pharmaceuticals | Diagnostic | 2 | N/A-Substituted | Series A | N/A-Substituted | N/A- Substituted |
N/A-Substituted | N/A- Substituted |
N/A-Substituted | N/A-Substituted | N/A-Substituted | N/A- Substituted | |||||||||||||
| OBLIGOR #20 |
Medical Device | Surgical Devices | 2 | 1 | Series C | Series E | 103.0 | 175.0 | 3/31/2014 | LTM | 5,644 | 7.3 | NM | |||||||||||||
| OBLIGOR #21 |
Technology | Internet Consumer & Business Services |
1 | N/A-Paid Off | Public | N/A- Paid Off | N/A-Paid Off | N/A-Paid Off | N/A-Paid Off | N/A-Paid Off | N/A-Paid Off | N/A-Paid Off | N/A-Paid Off | |||||||||||||
| OBLIGOR #22 |
Medical Device | Medical Device & Equipment |
2 | 2 | Series G | Series A (Recap) | 64.4 | 85.9 | 6/30/2014 | LTM | 8,371 | 5.4 | NM | |||||||||||||
| OBLIGOR #23 |
Technology | Internet Consumer & Business Services |
2 | 2 | Series B | Series B | 27.1 | 138.0 | 3/31/2014 | LTM | 27,206 | 10.4 | NM | |||||||||||||
| OBLIGOR #24 |
Middle Market | Media/Content/ Info |
2 | N/A-Substituted | Other | N/A-Substituted | N/A- Substituted |
N/A-Substituted | N/A- Substituted |
N/A-Substituted | N/A-Substituted | N/A-Substituted | N/A- Substituted | |||||||||||||
| OBLIGOR #25 |
Middle Market | Internet Consumer & Business Services |
2 | 3 | Other | Other | 12.2 | 22.1 | 41729 | LTM | 19,392 | 12.35 | 1,521 | |||||||||||||
| OBLIGOR #26 |
Pharmaceuticals | Drug Discovery & Development |
N/A | 1 | N/A | Public | 1,943.0 | 508.70224 | 3/31/2014 | LTM | 34,963 | 15.0 | NM | |||||||||||||
| OBLIGOR #27 |
Technology | Electronics & Computer Hardware |
N/A | N/A-Paid Off | N/A | N/A-Paid Off | N/A-Paid Off | N/A-Paid Off | N/A-Paid Off | N/A-Paid Off | N/A-Paid Off | N/A-Paid Off | N/A-Paid Off | |||||||||||||
| OBLIGOR #28 |
Technology | Energy Technology | N/A | 3 | N/A | Series C | 140.2 | 246.4 | 3/31/2014 | LTM | NM | 9.7 | NM | |||||||||||||
| OBLIGOR #29 |
Pharmaceuticals | Drug Discovery & Development |
N/A | 1 | N/A | Public | 293.0 | 274.1 | 3/31/2014 | LTM | 6,164 | 10.0 | NM | |||||||||||||
| * | The Company completed it’s Initial Public Offering in April 2014, the Current Valuation presented is the Market Cap as of 6/10/14. |
Portfolio Key Performance Events
| Obligor CODE |
Description |
Key Performance Events for the periods January 2014 to March 2014 | ||
| OBLIGOR #1 |
Publicly-traded company focused on development of the treatment of acute and breakthrough pain | NA - Paid Off | ||
| OBLIGOR #2 |
Developer of core technology platform for rapid administration of most small molecule drugs | NA - Substituted out of portfolio | ||
| OBLIGOR #3 |
Provider of engineering planning services for clean energy networks | In February 2014, a foreign court ruled in favor of the Company in a software copyright infringement case against another company who allegedly stole software from the Company. | ||
| OBLIGOR #4 |
Start-up company focused on in-licensing of candidates for respiratory and inflammatory diseases. | NA - Substituted out of portfolio | ||
| OBLIGOR #5 |
Publicly-traded company focused on the discovery and development of cancer therapeutics. | In April 2014, the Company and a strategic partner entered into an agreement to couple an inhibitory antibody product of the Company, with a companion diagnostic test produced by the strategic partner. The strategic partner will fund up to $15m of the cost of the study. | ||
| OBLIGOR #6 |
Online storage and sharing service | NA - Substituted out of portfolio | ||
| OBLIGOR #7 |
Clinical-stage pharma company focused on developing antibiotics for treatment of bacterial infectious diseases | In February 2014, the Company initiated a Phase I clinical trial of one of it’s products that is designed for children. The Company and the FDA have agreed to a Pediatric Study Plan and the Company has submitted a Pediatric Investigational Plan to the European Medicines Agency. | ||
| OBLIGOR #8 |
Focused on novel immunotherapy biologic agents for autoimmune diseases and cancer | NA - Paid Off | ||
| OBLIGOR #9 |
Leader in analyzing and understanding the human genome | NA-Paid Off | ||
| OBLIGOR #10 |
Cloud Platform-as-a-Service (AppBase) for rapidly building and deploying Dynamic Case Management applications | In April 2014, the Company received the final $200K funding tranche, for a total $1.1M bridge loan from outside investors. | ||
| OBLIGOR #11 |
Solar microinverter systems for residential and commercial applications | NA - Paid Off | ||
| OBLIGOR #12 |
Mission is to sustainably and efficiently recover billions of barrels of oil trapped using existing wells | In March 2014, the Company acquired a large oil field for ~$40M. In April 2014, the company closed a reverse merger and Initial Public Offering. | ||
| OBLIGOR #13 |
Focused on development of inhaled pharmaceuticals for site- specific treatment of serious lung diseases | In March 2014, the Company announced that it’s product failed to meet the primary endpoint, but did meet it’s secondary endpoint in Phase II clinical trials. | ||
| OBLIGOR #14 |
Specialty pharmaceutical company developing ‘Combination Products’ for drug delivery | NA - Paid Off | ||
| OBLIGOR #15 |
Provides compact liquid and plate handling systems and plastic laboratory supplies | In 1Q14, the Company continued to get validation from various research partners by way of development partnerships and grants. | ||
| OBLIGOR #16 |
Provider of software that enables a simple user interface for wireless control of consumer electronics | In February 2014, the Company announced a new partnership with a cloud storage and sharing company to provide services to enterprise clients. | ||
| OBLIGOR #17 |
Develops innovative and non-invasive therapies addressing age- related macular degeneration | In 1Q14 the Company raised $4M in new convertible debt from existing investors and started placing its devices in several German eye clinics to start proving out adoption of its therapy in the German market. | ||
| OBLIGOR #18 |
The Company operates an online lead generation platform, which through its proprietary auction-based marketplace connects sellers and buyers | After underperforming in 2013, in 1Q14 the Company has performed to plan and successfully stabilized the business. The Company is also working on a new equity infusion from insiders to strengthen the balance sheet. | ||
| OBLIGOR #19 |
Develops pharmaceuticals through the use of biological markers | NA - Substituted out of portfolio | ||
| OBLIGOR #20 |
Focuses on developing and commercializing a proprietary system (the Organ Care System or OCS) to enable transplantation of functioning organs | No updates this quarter. | ||
| OBLIGOR #21 |
Online market place which brings together home buyers/sellers and real estate professionals | NA - Paid off | ||
| OBLIGOR #22 |
Focused on treating primary and recurrent prostate cancer using a minimally invasive outpatient procedure | The Company raised $9M from investors as part of a recapitalization in November 2013. Company will look to raise additional capital in 3Q14 and continues to pursue FDA premarket approval. | ||
| OBLIGOR #23 |
Provider of location-based mobile safety and security solutions to owners of mobile phones | The Company’s partnership with a leading mobile phone company has been fully launched and grown to 300K paid subscribers as of Jan’14. | ||
| OBLIGOR #24 |
Leading marketing services and media buying firm targeting the U.S. female audience | NA - Substituted out of portfolio | ||
| OBLIGOR #25 |
Online media platform that provides women-focused content to its viewers | The Company failed to meet a leverage ratio covenant in Q4’13, as such, a Notice of Default was sent in February 2014 and the Company is being closely monitored. The Company is now paying default interest on the amount outstanding. | ||
| OBLIGOR #26 |
Committed to the development and commercialization of an integrated portfolio of oncology products aimed at making cancer more treatable | In January 2014, the Company completed patient enrollment in the Phase III clinical trial of a maintenance therapy for ovarian cancer. In March 2014, the Company initiated enrollment in their second of two Phase III trials for the treatment of Myelofibrosis. | ||
| OBLIGOR #27 |
Provides products and solutions in the areas of physical and logical access control, identity management, and radio frequency identification (RFID) systems | NA - Paid Off | ||
| OBLIGOR #28 |
Focuses on developing and operating facilities for converting municipal waste products to low-cost renewable transportation fuel | In 1Q14 the Company received a $5 million dollar grant from a US government entity in 1Q14. | ||
| OBLIGOR #29 |
Engages in development of human gene based therapies for hereditary, liver, or cardiovascular diseases, and disorders of the central and peripheral nervous systems | In February 2014, the Company successfully completed a U.S. Initial Public Offering, netting proceeds of over $80M. | ||
Loan Information as of March 31, 2014
| Per LSA | ||||||||||||||||||
| Obligor CODE |
Status (Active - Initial Pool, Active-Substitute) |
Date of |
Cash Yield |
Fixed / |
Loan
Status |
Prepayment |
Prepayment Amount |
Date of Payment |
Days Past Due | |||||||||
| OBLIGOR #1 |
Inactive-Initial Pool | 8.50% | Floating | Prepaid | 12/16/2013 | $4,285,773 | ||||||||||||
| OBLIGOR #2 |
Inactive-Initial Pool | (4/3/2013) | 10.75% | Floating | Substituted | |||||||||||||
| OBLIGOR #3 |
Active-Initial Pool | 11.00% | Floating | Current | ||||||||||||||
| OBLIGOR #4 |
Inactive-Initial Pool | (4/3/2013) | 10.55% | Floating | Substituted | |||||||||||||
| OBLIGOR #5 |
Active-Initial Pool | 11.90% | Floating | Current | ||||||||||||||
| OBLIGOR #6 |
Inactive-Initial Pool | (8/6/2013) | 8.88% | Floating | Substituted | |||||||||||||
| OBLIGOR #7 |
Active-Initial Pool | 9.55% | Floating | Current | ||||||||||||||
| OBLIGOR #8 |
Inactive-Initial Pool | 9.25% | Floating | Prepaid | 2/13/2014 | $13,862,762 | ||||||||||||
| OBLIGOR #9 |
Inactive-Initial Pool | 13.50% | Floating | Prepaid | 12/10/2012 | $3,909,219 | ||||||||||||
| OBLIGOR #10 |
Active-Initial Pool | 10.25% | Floating | Current | ||||||||||||||
| OBLIGOR #11 |
Inactive-Initial Pool | 9.00% | Floating | Repaid | ||||||||||||||
| OBLIGOR #12 |
Active-Initial Pool | 10.00% | Floating | Current | ||||||||||||||
| OBLIGOR #13 |
Active-Initial Pool | 9.25% | Floating | Current | ||||||||||||||
| OBLIGOR #14 |
Inactive-Initial Pool | 11.00% | Floating | Prepaid | 4/1/2014 | $14,852,035 | ||||||||||||
| OBLIGOR #15 |
Active-Initial Pool | 9.95% | Floating | Current | ||||||||||||||
| OBLIGOR #16 |
Active-Initial Pool | 12.00% | Floating | Current | ||||||||||||||
| OBLIGOR #17 |
Active-Initial Pool | 10.25% | Floating | Current | ||||||||||||||
| OBLIGOR #18 |
Active-Initial Pool | 10.13% | Floating | Current | ||||||||||||||
| OBLIGOR #18 |
Active-Initial Pool | 11.00% | Floating | Current | ||||||||||||||
| OBLIGOR #19 |
Inactive-Initial Pool | (10/29/2013) | 11.65% | Floating | Substituted | |||||||||||||
| OBLIGOR #20 |
Active-Initial Pool | 12.95% | Fixed | Current | ||||||||||||||
| OBLIGOR #21 |
Inactive-Initial Pool | 6.00% | Floating | Prepaid | 12/17/2003 | $3,591,075 | ||||||||||||
| OBLIGOR #21 |
Inactive-Initial Pool | 8.75% | Floating | Prepaid | 12/17/2003 | $3,632,341 | ||||||||||||
| OBLIGOR #22 |
Active-Initial Pool | 11.00% | Floating | Current | ||||||||||||||
| OBLIGOR #23 |
Active-Initial Pool | 9.50% | Floating | Current | ||||||||||||||
| OBLIGOR #24 |
Inactive-Initial Pool | (5/29/2013) | 10.00% | Floating | Substituted | |||||||||||||
| OBLIGOR #25 |
Active-Initial Pool | 9.25% | Floating | Current | ||||||||||||||
| OBLIGOR #25 |
Active-Initial Pool | 10.25% | Floating | Current | ||||||||||||||
| OBLIGOR #26 |
Active-Substitute | 4/3/2013 | 12.25% | Floating | Current | |||||||||||||
| OBLIGOR #27 |
Inactive-Substitute | 5/29/2013 | 11.00% | Floating | Prepaid | 3/31/2014 | $5,952,634 | |||||||||||
| OBLIGOR #28 |
Active-Substitute | 8/6/2013 | 11.00% | Floating | Current | |||||||||||||
| OBLIGOR #29 |
Active-Substitute | 10/29/2013 | 11.85% | Floating | Current | |||||||||||||
Waivers and Modifications
January 1, 2014 - March 31, 2014
| Waiver Information (as applicable) | Loan Modification Information (as applicable) | |||||||||||||||||||||||||||||||||||||
| Obligor CODE |
Loan |
Document Name |
Document Execution Date |
Waiver of Default (Y/N) |
Type | Credit Condition to Waiver (Y/N) |
Waiver Description |
Reset Covenants (Y/N) |
Extended I/O or Amortization Change (Y/N) |
Extended Maturity (Y/N) |
Change to Interest Rate (Y/N) |
Change to Collateral (Y/N) |
Other (Y/N) |
Modification Description |
Credit Conditions to Modification (Y/N) |
Description of Condition |
Result of Material Distress (Y/N) |
|||||||||||||||||||||
| OBLIGOR #1 |
Paid Off | NONE | ||||||||||||||||||||||||||||||||||||
| OBLIGOR #2 |
Substituted | NONE | ||||||||||||||||||||||||||||||||||||
| OBLIGOR #3 |
Active | NONE | ||||||||||||||||||||||||||||||||||||
| OBLIGOR #4 |
Substituted | NONE | ||||||||||||||||||||||||||||||||||||
| OBLIGOR #5 |
Active | NONE | ||||||||||||||||||||||||||||||||||||
| OBLIGOR #6 |
Substituted | NONE | ||||||||||||||||||||||||||||||||||||
| OBLIGOR #26 |
Active | NONE | ||||||||||||||||||||||||||||||||||||
| OBLIGOR #7 |
Active | Amendment No. 3 |
3/27/2014 | No | No | No | Yes | No | No | No | Yes | Amendment No. 3 extends the interest only period to May 31, 2015. Increases the maximum Term Loan Amount by $3M. |
No | No | ||||||||||||||||||||||||
| OBLIGOR #8 |
Paid Off | NONE | ||||||||||||||||||||||||||||||||||||
| OBLIGOR #9 |
Paid Off | NONE | ||||||||||||||||||||||||||||||||||||
| OBLIGOR #10 |
Active | NONE | ||||||||||||||||||||||||||||||||||||
| OBLIGOR #11 |
Paid Off | NONE | ||||||||||||||||||||||||||||||||||||
| OBLIGOR #28 |
Active | NONE | ||||||||||||||||||||||||||||||||||||
| OBLIGOR #12 |
Active | Amendment No. 2 |
3/13/2014 | No | No | No | No | No | No | No | Yes | Amendment No. 2 Permitted sub debt (Permitted Acquisition Assets) - Allowed for the Company to borrow $18M from an outside investor in order to acquire a $40M oil field |
No | No | ||||||||||||||||||||||||
| OBLIGOR #27 |
Paid Off | NONE | ||||||||||||||||||||||||||||||||||||
| OBLIGOR #13 |
Active | NONE | ||||||||||||||||||||||||||||||||||||
| OBLIGOR #14 |
Paid Off | NONE | ||||||||||||||||||||||||||||||||||||
| OBLIGOR #15 |
Active | NONE | ||||||||||||||||||||||||||||||||||||
| OBLIGOR #16 |
Active | Second Amended and Restated Schedule of Terms and Conditions to Master Loan and Security Agreement |
3/24/2014 | No | No | No | Yes | Yes | No | No | Yes | Second Amended and Restated Schedule of Terms and Conditions to Master Loan and Security Agreement - Increases outstanding loan amount to $10.5M and provides up to $4.5M additional loan amount upon the borrower achieving revenue based milestone. Maturity date is extended to April 1, 2017. Four additional three-month interest only extension periods are available upon the borrower achieving revenue- based milestones. Each interest- only extension will shorten the amortization period by three months. |
No | No | ||||||||||||||||||||||||
| OBLIGOR #17 |
Active | Amendment No. 3 |
3/26/2014 | No | No | No | Yes | No | Yes | No | Yes | Amendment No. 3- Prepayment Premium is amended to 2% times the principal outstanding at the time of prepayment of the loan. PIK rate of 1% is added to the loan. Amortization of the loan is amended to begin October 1, 2014. |
No | No | ||||||||||||||||||||||||
| OBLIGOR #18 |
Active | Second Amended and Restated Loan and Security Agreement |
2/21/2014 | No | No | No | Yes | No | No | No | No | Second Amended and Restated Loan and Security Agreement - allows for an interest only period from the time of the amendment to June 1, 2014. |
No | No | ||||||||||||||||||||||||
| OBLIGOR #18 |
Active | Second Amended and Restated Loan and Security Agreement |
2/21/2014 | No | No | No | Yes | No | No | No | No | Second Amended and Restated Loan and Security Agreement - allows for an interest only period from the time of the amendment to June 1, 2014. |
No | No | ||||||||||||||||||||||||
| OBLIGOR #19 |
Substituted | NONE | ||||||||||||||||||||||||||||||||||||
| OBLIGOR #20 |
Active | NONE | ||||||||||||||||||||||||||||||||||||
| OBLIGOR #21 |
Paid Off | NONE | ||||||||||||||||||||||||||||||||||||
| OBLIGOR #29 |
Active | NONE | ||||||||||||||||||||||||||||||||||||
| OBLIGOR #22 |
Active | NONE | ||||||||||||||||||||||||||||||||||||
| OBLIGOR #23 |
Active | NONE | ||||||||||||||||||||||||||||||||||||
| OBLIGOR #25 |
Active | Notice of Default |
2/19/2014 | Yes | Event of Default |
No | No | No | No | No | No | Yes | The Company did not meet the Leverage Ratio covenant for the twelve month period ending December 31, 2013. The Company is now paying default interest per the Credit Agreement. |
No | No | |||||||||||||||||||||||
| OBLIGOR #24 |
Substituted | NONE | ||||||||||||||||||||||||||||||||||||
Schedule of Related Term Loans
As of March 31, 2014
| Related Term Loans (1) | ||||||||||||||||||||||
| At Close | At March 31, 2014 | |||||||||||||||||||||
| Obligor CODE |
Servicer Availability(1) | Additional Approved Commitment |
Post-close Fundings | Expired Availability | Servicer Availability(1) | Comments | ||||||||||||||||
| OBLIGOR #1 |
8,172,429 | — | — | — | — | loan prepaid | ||||||||||||||||
| OBLIGOR #2 |
— | — | — | — | — | loan substituted out of portfolio | ||||||||||||||||
| OBLIGOR #3 |
— | 10,000,000 | 10,000,000 | — | 10,000,000 | |||||||||||||||||
| OBLIGOR #4 |
9,239,359 | — | — | — | — | loan substituted out of portfolio | ||||||||||||||||
| OBLIGOR #5 |
13,944,355 | — | — | — | 8,876,875 | |||||||||||||||||
| OBLIGOR #6 |
21,017,522 | — | — | — | — | loan substituted out of portfolio | ||||||||||||||||
| OBLIGOR #7 |
— | — | 5,238,327 | — | 5,238,327 | |||||||||||||||||
| OBLIGOR #8 |
— | — | — | — | — | loan prepaid | ||||||||||||||||
| OBLIGOR #9 |
— | — | — | — | — | loan prepaid | ||||||||||||||||
| OBLIGOR #10 |
— | — | — | — | — | |||||||||||||||||
| OBLIGOR #11 |
7,400,000 | — | — | — | 7,181,195 | loan matured | ||||||||||||||||
| OBLIGOR #12 |
— | — | — | — | — | |||||||||||||||||
| OBLIGOR #13 |
— | — | 10,000,000 | — | 10,000,000 | |||||||||||||||||
| OBLIGOR #14 |
— | — | — | — | — | loan prepaid | ||||||||||||||||
| OBLIGOR #15 |
760,913 | — | — | — | — | |||||||||||||||||
| OBLIGOR #16 |
— | 1,927,815 | 1,927,815 | — | 1,927,815 | |||||||||||||||||
| OBLIGOR #17 |
499,501 | — | — | — | 499,500 | |||||||||||||||||
| OBLIGOR #18 |
— | — | 3,298,242 | — | 3,000,000 | |||||||||||||||||
| OBLIGOR #19 |
— | — | — | — | — | loan substituted out of portfolio | ||||||||||||||||
| OBLIGOR #20 |
— | — | — | — | — | |||||||||||||||||
| OBLIGOR #21 |
— | — | — | — | — | loan prepaid | ||||||||||||||||
| OBLIGOR #22 |
— | — | 4,000,000 | — | — | |||||||||||||||||
| OBLIGOR #23 |
— | 402,035 | 402,035 | — | 402,035 | |||||||||||||||||
| OBLIGOR #24 |
17,759,716 | — | — | — | — | loan substituted out of portfolio | ||||||||||||||||
| OBLIGOR #25 |
— | — | — | — | — | |||||||||||||||||
| OBLIGOR #26 |
— | — | 5,000,000 | — | 5,000,000 | |||||||||||||||||
| OBLIGOR #27 |
— | — | — | — | — | loan prepaid | ||||||||||||||||
| OBLIGOR #28 |
— | — | — | — | — | |||||||||||||||||
| OBLIGOR #29 |
— | — | 6,273,461 | — | 6,273,461 | |||||||||||||||||
| Total |
78,793,795 | 12,329,851 | 46,139,881 | — | 58,399,209 | |||||||||||||||||
| (1) | Note, servicer availability and related term loans: In certain cases, the Seller, an affiliate of the Seller or a third party has or will issue one or more related revolving lines of credit or other related loans to an Obligor, which may include future funding obligations (in each case, a “Related Loan”). In most, but not all cases, the Loans and the Related Loans will have an undivided, pari passu security interest in the collateral securing the obligations under the Loans and the Related Loans. The Loan documentation and the Related Loan documentation also include cross-default provisions. The Issuer will not own any interest in any Related Loan. |
Schedule of Servicer Related Revolver Loans
As of March 31, 2014
| Related Revolver Loans (1) | ||||||||||||||||||||||||||
| At Close | At Current March 31, 2014 | |||||||||||||||||||||||||
| Obligor |
Revolver Commitment |
Revolver Balance | Gross Revolver Availability (1) |
Revolver Commitment |
Revolver Balance | Gross Revolver Availability (1) |
Comments | |||||||||||||||||||
| OBLIGOR #1 |
— | — | — | — | — | — | loan prepaid | |||||||||||||||||||
| OBLIGOR #2 |
— | — | — | — | — | — | loan substituted out of portfolio | |||||||||||||||||||
| OBLIGOR #3 |
— | — | — | — | — | — | ||||||||||||||||||||
| OBLIGOR #4 |
— | — | — | — | — | — | loan substituted out of portfolio | |||||||||||||||||||
| OBLIGOR #5 |
— | — | — | — | — | — | ||||||||||||||||||||
| OBLIGOR #6 |
— | — | — | — | — | — | loan substituted out of portfolio | |||||||||||||||||||
| OBLIGOR #7 |
— | — | — | — | — | — | ||||||||||||||||||||
| OBLIGOR #8 |
— | — | — | — | — | — | loan prepaid | |||||||||||||||||||
| OBLIGOR #9 |
— | — | — | — | — | — | loan prepaid | |||||||||||||||||||
| OBLIGOR #10 |
— | — | — | — | — | — | ||||||||||||||||||||
| OBLIGOR #11 |
— | — | — | — | — | — | loan matured | |||||||||||||||||||
| OBLIGOR #12 |
— | — | — | — | — | — | ||||||||||||||||||||
| OBLIGOR #13 |
— | — | — | — | — | — | ||||||||||||||||||||
| OBLIGOR #14 |
— | — | — | — | — | — | loan prepaid | |||||||||||||||||||
| OBLIGOR #15 |
— | — | — | — | — | — | ||||||||||||||||||||
| OBLIGOR #16 |
— | — | — | — | — | — | ||||||||||||||||||||
| OBLIGOR #17 |
— | — | — | — | — | — | ||||||||||||||||||||
| OBLIGOR #18 |
— | — | — | — | — | — | ||||||||||||||||||||
| OBLIGOR #19 |
— | — | — | — | — | — | loan substituted out of portfolio | |||||||||||||||||||
| OBLIGOR #20 |
— | — | — | — | — | — | ||||||||||||||||||||
| OBLIGOR #21 |
— | — | — | — | — | — | loan prepaid | |||||||||||||||||||
| OBLIGOR #22 |
— | — | — | — | — | — | ||||||||||||||||||||
| OBLIGOR #23 |
— | — | — | — | — | — | ||||||||||||||||||||
| OBLIGOR #24 |
1,500,000 | — | 1,500,000 | — | — | — | loan substituted out of portfolio | |||||||||||||||||||
| OBLIGOR #25 |
2,000,000 | — | 2,000,000 | 2,000,000 | 1,250,000 | 1,250,000 | ||||||||||||||||||||
| OBLIGOR #26 |
— | — | — | — | — | — | ||||||||||||||||||||
| OBLIGOR #27 |
— | — | — | — | — | — | loan prepaid | |||||||||||||||||||
| OBLIGOR #28 |
— | — | — | — | — | — | ||||||||||||||||||||
| OBLIGOR #29 |
— | — | — | — | — | — | ||||||||||||||||||||
| TOTAL |
3,500,000 | — | 3,500,000 | 2,000,000 | 1,250,000 | 1,250,000 | ||||||||||||||||||||
| (1) | Note, servicer availability and related revolver loans: In certain cases, the Seller, an affiliate of the Seller or a third party has or will issue one or more related revolving lines of credit or other related loans to an Obligor, which may include future funding obligations (in each case, a “Related Loan”). In most, but not all cases, the Loans and the Related Loans will have an undivided, pari passu security interest in the collateral securing the obligations under the Loans and the Related Loans. The Loan documentation and the Related Loan documentation also include cross-default provisions. The Issuer will not own any interest in any Related Loan. |
Quarterly Servicer Report
On Behalf of Funding Trust 2012-1
For the fiscal quarter ending June 30, 2014
Prepared: September 15, 2014
Table of Contents
| Obligor Credit Information |
2 | |||
| Obligor Key Performance Events |
3 | |||
| Loan Information |
4 | |||
| Waivers and Modifications |
5 | |||
| Related Term Loans |
6 | |||
| Related Revolvers |
7 |
Obligor Credit Information
| 6/30/2014 | ||||||||||||||||||||||||||
| Data as of 6-30-14 | ||||||||||||||||||||||||||
| Obligor CODE |
Industry Sector | SubSector | Credit Score at Closing |
Current Credit Score |
Investment Stage at Closing |
Current Stage (as defined by equity round raised/Public/Other (LMM) |
Equity Raised to Date (in millions) |
Current Valuation (in millions) Post Money (Private), Market Cap (Public), EV (Other) |
Statement Date | Period | LTM Revenues (in thousands) |
Total Senior Debt (in millions) |
TTM/Annualized EBITDA (in thousands) | |||||||||||||
| OBLIGOR #1 |
Pharmaceuticals | Drug Delivery | 2 | N/A-Paid Off | Public | N/A- Paid Off | N/A-Paid Off | N/A- Paid Off | N/A- Paid Off | N/A- Paid Off | N/A- Paid Off | N/A- Paid Off | N/A- Paid Off | |||||||||||||
| OBLIGOR #2 |
Pharmaceuticals | Drug Delivery | 2 | N/A-Substituted | Public | N/A-Substituted | N/A-Substituted | N/A-Substituted | N/A-Substituted | N/A-Substituted | N/A-Substituted | N/A-Substituted | N/A-Substituted | |||||||||||||
| OBLIGOR #3 |
Energy Technology |
Energy Technology |
2 | 3 | Public | Public | 971.4 | 129.3 | 6/30/2014 | LTM | 72,727 | 12.0 | NM | |||||||||||||
| OBLIGOR #4 |
Pharmaceuticals | Drug Discovery & Development |
2 | N/A-Substituted | Public | N/A-Substituted | N/A-Substituted | N/A-Substituted | N/A-Substituted | N/A-Substituted | N/A-Substituted | N/A-Substituted | N/A-Substituted | |||||||||||||
| OBLIGOR #5 |
Pharmaceuticals | Drug Discovery & Development |
2 | 2 | Public | Public | 498.7 | 95.6 | 6/30/2014 | LTM | 17,783 | 14.3 | NM | |||||||||||||
| OBLIGOR #6 |
Technology | Software | 1 | N/A-Substituted | Series E | N/A-Substituted | N/A-Substituted | N/A-Substituted | N/A-Substituted | N/A-Substituted | N/A-Substituted | N/A-Substituted | N/A-Substituted | |||||||||||||
| OBLIGOR #7 |
Pharmaceuticals | Drug Discovery & Development |
1 | N/A- Paid Off | Public | N/A- Paid Off | N/A- Paid Off | N/A- Paid Off | N/A- Paid Off | N/A- Paid Off | N/A- Paid Off | N/A- Paid Off | N/A- Paid Off | |||||||||||||
| OBLIGOR #8 |
Pharmaceuticals | Drug Discovery & Development |
2 | N/A- Paid Off | Public | N/A- Paid Off | N/A- Paid Off | N/A- Paid Off | N/A- Paid Off | N/A- Paid Off | N/A- Paid Off | N/A- Paid Off | N/A- Paid Off | |||||||||||||
| OBLIGOR #9 |
Pharmaceuticals | Biotechnology Tools |
1 | N/A- Paid Off | Series A | N/A- Paid Off | N/A- Paid Off | N/A- Paid Off | N/A- Paid Off | N/A- Paid Off | N/A- Paid Off | N/A- Paid Off | N/A- Paid Off | |||||||||||||
| OBLIGOR #10 |
Technology | Information Services |
3 | 5 | Series A | Series A | 8.0 | 21.5 | 6/30/2014 | LTM | 3,571 | 0.4 | NM | |||||||||||||
| OBLIGOR #11 |
Energy Technology |
Energy Technology |
2 | N/A- Paid Off | Public | N/A- Paid Off | N/A- Paid Off | N/A- Paid Off | N/A- Paid Off | N/A- Paid Off | N/A- Paid Off | N/A- Paid Off | N/A- Paid Off | |||||||||||||
| OBLIGOR #12 |
Energy Technology |
Energy Technology |
2 | 1 | Series C | Public | 105.2 | 346.8 | 6/30/2014 | LTM | 7,884 | 3.6 | NM | |||||||||||||
| OBLIGOR #13 |
Pharmaceuticals | Drug Discovery & Development |
1 | 1 | Public | Public | 540.7 | 784.7 | 6/30/2014 | LTM | 0 | 20.0 | NM | |||||||||||||
| OBLIGOR #14 |
Pharmaceuticals | Drug Delivery | 1 | N/A- Paid Off | Series B | N/A- Paid Off | N/A- Paid Off | N/A- Paid Off | N/A- Paid Off | N/A- Paid Off | N/A- Paid Off | N/A- Paid Off | N/A- Paid Off | |||||||||||||
| OBLIGOR #15 |
Medical Device | Biotechnology Tools |
2 | 2 | Series C | Series D | 59.6 | 86.2 | 6/30/2014 | LTM | 33,521 | 3.5 | NM | |||||||||||||
| OBLIGOR #16 |
Technology | Communications & Networking |
3 | 2 | Series E | Series A (Recap) | 83.02 | 221.6 | 6/30/2014 | LTM | 4,918 | 10.0 | NM | |||||||||||||
| OBLIGOR #17 |
Medical Device | Therapeutic | 2 | 4 | Series C | Series 1 (Recap) | 92.5 | 30.7 | 6/30/2014 | LTM | 77.4 | 6.1 | NM | |||||||||||||
| OBLIGOR #18 |
Technology | Internet Consumer & Business Services |
2 | 2 | Series C | Series D | 50.4 | 127.2 | 6/30/2014 | LTM | 58,383 | 13.6 | 553 | |||||||||||||
| OBLIGOR #19 |
Pharmaceuticals | Diagnostic | 2 | N/A-Substituted | Series A | N/A-Substituted | N/A-Substituted | N/A-Substituted | N/A-Substituted | N/A-Substituted | N/A-Substituted | N/A-Substituted | N/A-Substituted | |||||||||||||
| OBLIGOR #20 |
Medical Device | Surgical Devices | 2 | 1 | Series C | Series E | 103.0 | 175.0 | 6/30/2014 | LTM | 5,685 | 7.1 | NM | |||||||||||||
| OBLIGOR #21 |
Technology | Internet Consumer & Business Services |
1 | N/A- Paid Off | Public | N/A- Paid Off | N/A- Paid Off | N/A- Paid Off | N/A- Paid Off | N/A- Paid Off | N/A- Paid Off | N/A- Paid Off | N/A- Paid Off | |||||||||||||
| OBLIGOR #21 |
Technology | Internet Consumer & Business Services |
1 | N/A- Paid Off | Public | N/A- Paid Off | N/A- Paid Off | N/A- Paid Off | N/A- Paid Off | N/A- Paid Off | N/A- Paid Off | N/A- Paid Off | N/A- Paid Off | |||||||||||||
| OBLIGOR #22 |
Medical Device | Medical Device & Equipment |
2 | 3 | Series G | Series A (Recap) | 65.9 | 84.9 | 6/30/2014 | LTM | 8,361 | 4.7 | NM | |||||||||||||
| OBLIGOR #23 |
Technology | Internet Consumer & Business Services |
2 | 2 | Series B | Series B | 27.1 | 138.0 | 6/30/2014 | LTM | 30,406 | 9.5 | NM | |||||||||||||
| OBLIGOR #24 |
Middle Market | Media/Content/ Info |
2 | N/A-Substituted | Other | N/A-Substituted | N/A-Substituted | N/A-Substituted | N/A-Substituted | N/A-Substituted | N/A-Substituted | N/A-Substituted | N/A-Substituted | |||||||||||||
| OBLIGOR #25 |
Middle Market | Internet Consumer & Business Services |
2 | 4 | Other | Other | 12.2 | 20.6 | 6/30/2014 | LTM | 18,200 | 12.1 | 1,109 | |||||||||||||
| OBLIGOR #26 |
Pharmaceuticals | Drug Discovery & Development |
N/A | 1 | N/A | Public | 1,953.9 | 421.0 | 6/30/2014 | LTM | 36,000 | 15.0 | NM | |||||||||||||
| OBLIGOR #27 |
Technology | Electronics & Computer Hardware |
N/A | N/A- Paid Off | N/A | N/A- Paid Off | N/A- Paid Off | N/A- Paid Off | N/A- Paid Off | N/A- Paid Off | N/A- Paid Off | N/A- Paid Off | N/A- Paid Off | |||||||||||||
| OBLIGOR #28 |
Technology | Energy Technology |
N/A | N/A- Paid Off | N/A | N/A- Paid Off | N/A- Paid Off | N/A- Paid Off | N/A- Paid Off | N/A- Paid Off | N/A- Paid Off | N/A- Paid Off | N/A- Paid Off | |||||||||||||
| OBLIGOR #29 |
Pharmaceuticals | Drug Discovery & Development |
N/A | N/A- Paid Off | N/A | N/A- Paid Off | N/A- Paid Off | N/A- Paid Off | N/A- Paid Off | N/A- Paid Off | N/A- Paid Off | N/A- Paid Off | N/A- Paid Off | |||||||||||||
Portfolio Key Performance Events
| Obligor CODE |
Description |
Key Performance Events for the periods April 2014 to June 2014 | ||
| OBLIGOR #1 |
Publicly-traded company focused on development of the treatment of acute and breakthrough pain | NA - Paid Off | ||
| OBLIGOR #2 |
Developer of core technology platform for rapid administration of most small molecule drugs | NA - Substituted out of portfolio | ||
| OBLIGOR #3 |
Provider of engineering planning services for clean energy networks | The Company announced a new $40M order from an existing customer. The Company expects to begin shipments under this new order during calendar Q3 2014 and expects to complete shipments during 2015. This is the sixth and largest order that the Company has received from this customer since the company began volume production of this product. | ||
| OBLIGOR #4 |
Start-up company focused on in-licensing of candidates for respiratory and inflammatory diseases. | NA - Substituted out of portfolio | ||
| OBLIGOR #5 |
Publicly-traded company focused on the discovery and development of cancer therapeutics. | In Q2’14 the Company announced positive data from a Phase 1 study and initiated animal studies on another one of their compounds. | ||
| OBLIGOR #6 |
Online storage and sharing service | NA - Substituted out of portfolio | ||
| OBLIGOR #7 |
Clinical-stage pharma company focused on developing antibiotics for treatment of bacterial infectious diseases | NA - Paid Off | ||
| OBLIGOR #8 |
Focused on novel immunotherapy biologic agents for autoimmune diseases and cancer | NA - Paid Off | ||
| OBLIGOR #9 |
Leader in analyzing and understanding the human genome | NA - Paid Off | ||
| OBLIGOR #10 |
Cloud Platform-as-a-Service (AppBase) for rapidly building and deploying Dynamic Case Management applications | Software monthly recurring revenue (MRR) increased by 30% from ~$30k to $44k from Q4 2013 to Q1 2014. However, it is still far below the targeted $100k. | ||
| OBLIGOR #11 |
Solar microinverter systems for residential and commercial applications | NA - Paid Off | ||
| OBLIGOR #12 |
Mission is to sustainably and efficiently recover billions of barrels of oil trapped using existing wells | In Q2’14 the Company exceeded production targets for the oil field that was acquired in March 2014. In addition, the Company closed another $2M oil field acquisition. | ||
| OBLIGOR #13 |
Focused on development of inhaled pharmaceuticals for site-specific treatment of serious lung diseases | In August 2014, the Company closed a public offering of shares of common stock for net proceeds of $108M. The Company intends to use the proceeds to fund further clinical development of one of its compounds. | ||
| OBLIGOR #14 |
Specialty pharmaceutical company developing ‘Combination Products’ for drug delivery | NA - Paid Off | ||
| OBLIGOR #15 |
Provides compact liquid and plate handling systems and plastic laboratory supplies | The Company expanded its global accounts by selling to Israel and Korea for the first time, as well as its first non-pharma sale in Canada. In May 2014, the Company won a prestigious Technology award from an organization in Silicon Valley who recognizes the fifty hottest technology start-ups globally. | ||
| OBLIGOR #16 |
Provider of software that enables a simple user interface for wireless control of consumer electronics | In May 2014, the Company received an additional $7.15M in equity funding. | ||
| OBLIGOR #17 |
Develops innovative and non-invasive therapies addressing age-related macular degeneration | The Company completed a $10M insider recap ($7.5M funded in June and $2.5M funded in September). | ||
| OBLIGOR #18 |
The Company operates an online lead generation platform, which through its proprietary auction-based marketplace connects sellers and buyers | The Company raised $6M in Series D financing from insiders in May 2014. | ||
| OBLIGOR #19 |
Develops pharmaceuticals through the use of biological markers | NA - Substituted out of portfolio | ||
| OBLIGOR #20 |
Focuses on developing and commercializing a proprietary system (the Organ Care System or OCS) to enable transplantation of functioning organs | No updates this quarter. | ||
| OBLIGOR #21 |
Online market place which brings together home buyers/sellers and real estate professionals | NA - Paid off | ||
| OBLIGOR #22 |
Focused on treating primary and recurrent prostate cancer using a minimally invasive outpatient procedure | In July 2014, the Company raised $2.4M from existing investors. | ||
| OBLIGOR #23 |
Provider of location-based mobile safety and security solutions to owners of mobile phones | In September 2014, a definitive agreement was announced to acquire the Company. The transaction is expected to close during the fourth quarter of 2014 and is subject to customary closing conditions. | ||
| OBLIGOR #24 |
Leading marketing services and media buying firm targeting the U.S. female audience | NA - Substituted out of portfolio | ||
| OBLIGOR #25 |
Online media platform that provides women-focused content to its viewers | No updates this quarter. | ||
| OBLIGOR #26 |
Committed to the development and commercialization of an integrated portfolio of oncology products aimed at making cancer more treatable | In August 2014, the FDA granted Fast Track designation to a drug candidate of the Company. The drug is currently being evaluated in two Phase 3 clinical trials. | ||
| OBLIGOR #27 |
Provides products and solutions in the areas of physical and logical access control, identity management, and radio frequency identification (RFID) systems | NA - Paid Off | ||
| OBLIGOR #28 |
Focuses on developing and operating facilities for converting municipal waste products to low-cost renewable transportation fuel | NA - Paid Off | ||
| OBLIGOR #29 |
Engages in development of human gene based therapies for hereditary, liver, or cardiovascular diseases, and disorders of the central and peripheral nervous systems | NA - Paid Off |
Loan Information as of June 30, 2014
| Per LSA | ||||||||||||||||||||
| Obligor CODE |
Status (Active - Initial Pool, Active - Substitute) |
Date of Substitution | Cash Yield | Fixed /Floating | Loan Status (Current, Delinquent, Defaulted, Prepaid, Repaid, Repurchased, Substituted) |
Prepayment Date | Prepayment Amount (Principal + Final Payment + Prepayment Penalty + Success Fee) |
Date of Payment Default | Days Past Due | |||||||||||
| OBLIGOR #1 |
Inactive- Initial Pool |
8.50 | % | Floating | Prepaid | 12/16/2013 | $4,285,773 | |||||||||||||
| OBLIGOR #2 |
Inactive- Initial Pool |
(4/3/2013) | 10.75 | % | Floating | Substituted | ||||||||||||||
| OBLIGOR #3 |
Active- Initial Pool |
11.00 | % | Floating | Current | |||||||||||||||
| OBLIGOR #4 |
Inactive- Initial Pool |
(4/3/2013) | 10.55 | % | Floating | Substituted | ||||||||||||||
| OBLIGOR #5 |
Active- Initial Pool |
11.90 | % | Floating | Current | |||||||||||||||
| OBLIGOR #6 |
Inactive- Initial Pool |
(8/6/2013) | 8.88 | % | Floating | Substituted | ||||||||||||||
| OBLIGOR #7 |
Inactive- Initial Pool |
9.55 | % | Floating | Prepaid | 6/30/2014 | $9,839,359 | |||||||||||||
| OBLIGOR #8 |
Inactive- Initial Pool |
9.25 | % | Floating | Prepaid | 2/13/2014 | $13,862,762 | |||||||||||||
| OBLIGOR #9 |
Inactive- Initial Pool |
13.50 | % | Floating | Prepaid | 12/10/2012 | $3,909,219 | |||||||||||||
| OBLIGOR #10 |
Active- Initial Pool |
10.25 | % | Floating | Current | |||||||||||||||
| OBLIGOR #11 |
Inactive- Initial Pool |
9.00 | % | Floating | Repaid | |||||||||||||||
| OBLIGOR #12 |
Active- Initial Pool |
10.00 | % | Floating | Current | |||||||||||||||
| OBLIGOR #13 |
Active- Initial Pool |
9.25 | % | Floating | Current | |||||||||||||||
| OBLIGOR #14 |
Inactive- Initial Pool |
11.00 | % | Floating | Prepaid | 4/1/2014 | $14,852,035 | |||||||||||||
| OBLIGOR #15 |
Active- Initial Pool |
9.95 | % | Floating | Current | |||||||||||||||
| OBLIGOR #16 |
Active- Initial Pool |
12.00 | % | Floating | Current | |||||||||||||||
| OBLIGOR #17 |
Active- Initial Pool |
10.25 | % | Floating | Current | |||||||||||||||
| OBLIGOR #18 |
Active- Initial Pool |
10.13 | % | Floating | Current | |||||||||||||||
| OBLIGOR #18 |
Active- Initial Pool |
11.00 | % | Floating | Current | |||||||||||||||
| OBLIGOR #19 |
Inactive- Initial Pool |
(10/29/2013) | 11.65 | % | Floating | Substituted | ||||||||||||||
| OBLIGOR #20 |
Active- Initial Pool |
12.95 | % | Fixed | Current | |||||||||||||||
| OBLIGOR #21 |
Inactive- Initial Pool |
6.00 | % | Floating | Prepaid | 12/17/2003 | $3,591,075 | |||||||||||||
| OBLIGOR #21 |
Inactive- Initial Pool |
8.75 | % | Floating | Prepaid | 12/17/2003 | $3,632,341 | |||||||||||||
| OBLIGOR #22 |
Active- Initial Pool |
11.00 | % | Floating | Current | |||||||||||||||
| OBLIGOR #23 |
Active- Initial Pool |
9.50 | % | Floating | Current | |||||||||||||||
| OBLIGOR #24 |
Inactive- Initial Pool |
(5/29/2013) | 10.00 | % | Floating | Substituted | ||||||||||||||
| OBLIGOR #25 |
Active- Initial Pool |
9.25 | % | Floating | Current | |||||||||||||||
| OBLIGOR #25 |
Active- Initial Pool |
10.25 | % | Floating | Current | |||||||||||||||
| OBLIGOR #26 |
Active- Substitute |
4/3/2013 | 12.25 | % | Floating | Current | ||||||||||||||
| OBLIGOR #27 |
Inactive- Substitute |
5/29/2013 | 11.00 | % | Floating | Prepaid | 3/31/2014 | $5,952,634 | ||||||||||||
| OBLIGOR #28 |
Inactive- Substitute |
8/6/2013 | 11.00 | % | Floating | Prepaid | 7/29/2014 | $9,031,916 | ||||||||||||
| OBLIGOR #29 |
Inactive- Substitute |
10/29/2013 | 11.85 | % | Floating | Prepaid | 6/26/2014 | $3,757,205 | ||||||||||||
Waivers and Modifications
April 1, 2014 - June 30, 2014
| Waiver Information (as applicable) | Loan Modification Information (as applicable) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Obligor CODE |
Loan Status (Active /Paid off/Substituted) |
Document Name |
Document Execution Date |
Waiver of Default (Y/N) |
Type | Credit Condition to Waiver (Y/N) |
Waiver Description |
Reset Covenants (Y/N) |
Extended I/O or Amortization Change (Y/N) |
Extended Maturity (Y/N) |
Change to Interest Rate (Y/N) |
Change to Collateral (Y/N) |
Other (Y/N) |
Modification Description |
Credit Conditions to Modification (Y/N) |
Descri ption of Condition |
Result of Material Distress (Y/N) |
|||||||||||||||||||||||||||||||||||||
| OBLIGOR #1 |
Paid Off | NONE | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| OBLIGOR #2 |
Substituted | NONE | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| OBLIGOR #3 |
Active | NONE | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| OBLIGOR #4 |
Substituted | NONE | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| OBLIGOR #5 |
Active | NONE | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| OBLIGOR #6 |
Substituted | NONE | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| OBLIGOR #7 |
Paid Off | NONE | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| OBLIGOR #8 |
Paid Off | NONE | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| OBLIGOR #9 |
Paid Off | NONE | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| OBLIGOR #10 |
Active | NONE | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| OBLIGOR #11 |
Paid Off | NONE | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| OBLIGOR #12 |
Active | NONE | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| OBLIGOR #13 |
Active | NONE | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| OBLIGOR #14 |
Paid Off | NONE | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| OBLIGOR #15 |
Active | NONE | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| OBLIGOR #16 |
Active | First and Second Amendments to Amended and Restated Master Loan and Security Agreement |
4/30/2014 | Yes | No | Lenders waive existing defaults - failure to raise $5M in equity by April 2014 and replace with new financial covenants outlined in “Modification Description” | Yes | No | No | No | No | Yes | First Amendment and Waiver to Amended and Restated Master Loan and Security Agreement - new financial covenants related to equity raises: obligor must raise at least $7M in equity financing by May 12, 2014 and additional $8M of equity or upfront licensing revenue must be raised by July 31, 2014. Second Amendment to Amended and Restated Master Loan and Security Agreement - obligor must pay an additional end of term charge equal to 2% of principal amount outstanding under the Agreement as of the Second Amendment Date. | No | No | |||||||||||||||||||||||||||||||||||||||
| OBLIGOR #17 |
Active | NONE | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| 5/30/2014 |
5/30/2014 | First Amendment to Second Amended and Restated Loan and Security Agreement |
5/30/2014 | No | No | No | Yes | No | No | No | No | First Amendment to Second Amended and Restated Loan and Security Agreement - changes the Amortization Date to September 1, 2014 as long as the obligor raises $6M of equity by June 15, 2014 | No | No | ||||||||||||||||||||||||||||||||||||||||
| OBLIGOR #19 |
Substituted | NONE | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| OBLIGOR #20 |
Active | NONE | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| OBLIGOR #21 |
Paid Off | NONE | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| OBLIGOR #22 |
Active | NONE | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| OBLIGOR #23 |
Active | NONE | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| OBLIGOR #24 |
Substituted | NONE | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| OBLIGOR #25 |
Active | NONE | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| OBLIGOR #26 |
Active | NONE | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| OBLIGOR #27 |
Paid Off | NONE | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| OBLIGOR #28 |
Paid Off | NONE | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| OBLIGOR #29 |
Paid Off | NONE | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Related Term Loans
As of June 30, 2014
| Related Term Loans (1) | ||||||||||||||||||||||
| At Close | At June 30, 2014 | |||||||||||||||||||||
| Obligor CODE |
Servicer Availability(1) | Additional Approved Commitment |
Post-close Fundings | Expired Availability | Servicer Availability(1) | Comments | ||||||||||||||||
| OBLIGOR #1 |
8,172,429 | — | — | — | — | loan prepaid | ||||||||||||||||
| OBLIGOR #2 |
— | — | — | — | — | loan substituted out of portfolio | ||||||||||||||||
| OBLIGOR #3 |
— | 10,000,000 | 10,000,000 | — | 9,711,942 | |||||||||||||||||
| OBLIGOR #4 |
9,239,359 | — | — | — | — | loan substituted out of portfolio | ||||||||||||||||
| OBLIGOR #5 |
13,944,355 | — | — | — | 7,513,573 | |||||||||||||||||
| OBLIGOR #6 |
21,017,522 | — | — | — | — | loan substituted out of portfolio | ||||||||||||||||
| OBLIGOR #7 |
— | — | — | — | — | loan prepaid | ||||||||||||||||
| OBLIGOR #8 |
— | — | — | — | — | loan prepaid | ||||||||||||||||
| OBLIGOR #9 |
— | — | — | — | — | loan prepaid | ||||||||||||||||
| OBLIGOR #10 |
— | — | — | — | — | |||||||||||||||||
| OBLIGOR #11 |
7,400,000 | — | — | — | loan matured | |||||||||||||||||
| OBLIGOR #12 |
— | — | — | — | — | |||||||||||||||||
| OBLIGOR #13 |
— | 10,000,000 | — | 10,000,000 | ||||||||||||||||||
| OBLIGOR #14 |
— | — | — | — | — | loan prepaid | ||||||||||||||||
| OBLIGOR #15 |
760,913 | — | — | — | — | |||||||||||||||||
| OBLIGOR #16 |
— | 1,927,815 | 1,927,815 | — | 1,843,684 | |||||||||||||||||
| OBLIGOR #17 |
499,501 | — | — | — | 499,500 | |||||||||||||||||
| OBLIGOR #18 |
— | — | 3,298,242 | — | 3,253,138 | |||||||||||||||||
| OBLIGOR #19 |
— | — | — | — | — | loan substituted out of portfolio | ||||||||||||||||
| OBLIGOR #20 |
— | — | — | — | — | |||||||||||||||||
| OBLIGOR #21 |
— | — | — | — | — | loan prepaid | ||||||||||||||||
| OBLIGOR #22 |
— | — | 4,000,000 | — | — | |||||||||||||||||
| OBLIGOR #23 |
— | 402,035 | 402,035 | — | 361,014 | |||||||||||||||||
| OBLIGOR #24 |
17,759,716 | — | — | — | — | loan substituted out of portfolio | ||||||||||||||||
| OBLIGOR #25 |
— | — | — | — | — | |||||||||||||||||
| OBLIGOR #26 |
— | — | 5,000,000 | — | 5,000,000 | |||||||||||||||||
| OBLIGOR #27 |
— | — | — | — | — | loan prepaid | ||||||||||||||||
| OBLIGOR #28 |
— | — | — | — | — | loan prepaid | ||||||||||||||||
| OBLIGOR #29 |
— | — | — | — | — | loan prepaid | ||||||||||||||||
| Total |
78,793,795 | 12,329,851 | 34,628,093 | — | 38,182,851 | |||||||||||||||||
| (1) | Note, servicer availability and related term loans: In certain cases, the Seller, an affiliate of the Seller or a third party has or will issue one or more related revolving lines of credit or other related loans to an Obligor, which may include future funding obligations (in each case, a “Related Loan”). In most, but not all cases, the Loans and the Related Loans will have an undivided, pari passu security interest in the collateral securing the obligations under the Loans and the Related Loans. The Loan documentation and the Related Loan documentation also include cross-default provisions. The Issuer will not own any interest in any Related Loan. |
Schedule of Servicer Related Revolver Loans
As of June 30, 2014
| Related Revolver Loans (1) | ||||||||||||||||||||||||||
| At Close | At Current June 30, 2014 | |||||||||||||||||||||||||
| Obligor CODE |
Revolver Commitment |
Revolver Balance |
Gross Revolver Availability (1) |
Revolver Commitment |
Revolver Balance |
Gross Revolver Availability (1) |
Comments | |||||||||||||||||||
| OBLIGOR #1 |
— | — | — | — | — | — | loan prepaid | |||||||||||||||||||
| OBLIGOR #2 |
— | — | — | — | — | — | loan substituted out of portfolio | |||||||||||||||||||
| OBLIGOR #3 |
— | — | — | — | — | — | ||||||||||||||||||||
| OBLIGOR #4 |
— | — | — | — | — | — | loan substituted out of portfolio | |||||||||||||||||||
| OBLIGOR #5 |
— | — | — | — | — | — | ||||||||||||||||||||
| OBLIGOR #6 |
— | — | — | — | — | — | loan substituted out of portfolio | |||||||||||||||||||
| OBLIGOR #7 |
— | — | — | — | — | — | loan prepaid | |||||||||||||||||||
| OBLIGOR #8 |
— | — | — | — | — | — | loan prepaid | |||||||||||||||||||
| OBLIGOR #9 |
— | — | — | — | — | — | loan prepaid | |||||||||||||||||||
| OBLIGOR #10 |
— | — | — | — | — | — | ||||||||||||||||||||
| OBLIGOR #11 |
— | — | — | — | — | — | loan matured | |||||||||||||||||||
| OBLIGOR #12 |
— | — | — | — | — | — | ||||||||||||||||||||
| OBLIGOR #13 |
— | — | — | — | — | — | ||||||||||||||||||||
| OBLIGOR #14 |
— | — | — | — | — | — | loan prepaid | |||||||||||||||||||
| OBLIGOR #15 |
— | — | — | — | — | — | ||||||||||||||||||||
| OBLIGOR #16 |
— | — | — | — | — | — | ||||||||||||||||||||
| OBLIGOR #17 |
— | — | — | — | — | — | ||||||||||||||||||||
| OBLIGOR #18 |
— | — | — | — | — | — | ||||||||||||||||||||
| OBLIGOR #19 |
— | — | — | — | — | — | loan substituted out of portfolio | |||||||||||||||||||
| OBLIGOR #20 |
— | — | — | — | — | — | ||||||||||||||||||||
| OBLIGOR #21 |
— | — | — | — | — | — | loan prepaid | |||||||||||||||||||
| OBLIGOR #22 |
— | — | — | — | — | — | ||||||||||||||||||||
| OBLIGOR #23 |
— | — | — | — | — | — | ||||||||||||||||||||
| OBLIGOR #24 |
1,500,000 | — | 1,500,000 | — | — | — | loan substituted out of portfolio | |||||||||||||||||||
| OBLIGOR #25 |
2,000,000 | — | 2,000,000 | 1,250,000 | 1,250,000 | — | ||||||||||||||||||||
| OBLIGOR #26 |
— | — | — | — | — | — | ||||||||||||||||||||
| OBLIGOR #27 |
— | — | — | — | — | — | loan prepaid | |||||||||||||||||||
| OBLIGOR #28 |
— | — | — | — | — | — | loan prepaid | |||||||||||||||||||
| OBLIGOR #29 |
— | — | — | — | — | — | loan prepaid | |||||||||||||||||||
| TOTAL |
3,500,000 | — | 3,500,000 | 1,250,000 | 1,250,000 | — | ||||||||||||||||||||
| (1) | Note, servicer availability and related revolver loans: In certain cases, the Seller, an affiliate of the Seller or a third party has or will issue one or more related revolving lines of credit or other related loans to an Obligor, which may include future funding obligations (in each case, a “Related Loan”). In most, but not all cases, the Loans and the Related Loans will have an undivided, pari passu security interest in the collateral securing the obligations under the Loans and the Related Loans. The Loan documentation and the Related Loan documentation also include cross-default provisions. The Issuer will not own any interest in any Related Loan. |
Quarterly Servicer Report
On Behalf of Funding Trust 2012-1
For the fiscal quarter ending September 30, 2014
Prepared: December 16, 2014
Table of Contents
| Obligor Credit Information |
2 | |||
| Obligor Key Performance Events |
3 | |||
| Loan Information |
4 | |||
| Waivers and Modifications |
5 | |||
| Related Term Loans |
6 | |||
| Related Revolvers |
7 |
Obligor Credit Information
| 9/30/2014 |
||||||||||||||||||||||||||
| Data as of 9-30-14 | ||||||||||||||||||||||||||
| Obligor CODE |
Industry Sector | SubSector | Credit Score at Closing |
Current Credit Score |
Investment Stage at Closing |
Current Stage (as defined by equity round raised/Public/Other (LMM) |
Equity Raised to Date (in millions) |
Current Valuation (in millions) Post Money (Private), Market Cap (Public), EV (Other) |
Statement Date | Period | LTM Revenues (in thousands) |
Total Senior Debt (in millions) |
TTM/Annualized EBITDA (in thousands) | |||||||||||||
| OBLIGOR #1 |
Pharmaceuticals | Drug Delivery | 2 | N/A-Paid Off | Public | N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off | |||||||||||||
| OBLIGOR #2 |
Pharmaceuticals | Drug Delivery | 2 | N/A- Substituted | Public | N/A- Substituted |
N/A- Substituted |
N/A- Substituted |
N/A- Substituted |
N/A- Substituted |
N/A- Substituted |
N/A- Substituted |
N/A- Substituted | |||||||||||||
| OBLIGOR #3 |
Energy Technology | Energy Technology | 2 | N/A- Paid Off | Public | N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off | |||||||||||||
| OBLIGOR #4 |
Pharmaceuticals | Drug Discovery & Development |
2 | N/A- Substituted | Public | N/A- Substituted |
N/A- Substituted |
N/A- Substituted |
N/A- Substituted |
N/A- Substituted |
N/A- Substituted |
N/A- Substituted |
N/A- Substituted | |||||||||||||
| OBLIGOR #5 |
Pharmaceuticals | Drug Discovery & Development |
2 | 2 | Public | Public | 500.4 | 58.0 | 9/30/2014 | LTM | 18,330 | 21.6 | NM | |||||||||||||
| OBLIGOR #6 |
Technology | Software | 1 | N/A- Substituted | Series E | N/A- Substituted |
N/A- Substituted |
N/A- Substituted |
N/A- Substituted |
N/A- Substituted |
N/A- Substituted |
N/A- Substituted |
N/A- Substituted | |||||||||||||
| OBLIGOR #7 |
Pharmaceuticals | Drug Discovery & Development |
1 | N/A- Paid Off | Public | N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off | |||||||||||||
| OBLIGOR #8 |
Pharmaceuticals | Drug Discovery & Development |
2 | N/A- Paid Off | Public | N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off | |||||||||||||
| OBLIGOR #9 |
Pharmaceuticals | Biotechnology Tools |
1 | N/A- Paid Off | Series A | N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off | |||||||||||||
| OBLIGOR #10 |
Technology | Information Services |
3 | 5 | Series A | Series A | 8.0 | 21.5 | 9/30/2014 | LTM | 3,104 | 0.3 | NM | |||||||||||||
| OBLIGOR #11 |
Energy Technology | Energy Technology | 2 | N/A- Paid Off | Public | N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off | |||||||||||||
| OBLIGOR #12 |
Energy Technology | Energy Technology | 2 | 1 | Series C | Public | 105.3 | 240.9 | 9/30/2014 | LTM | 12,801 | 2.7 | NM | |||||||||||||
| OBLIGOR #13 |
Pharmaceuticals | Drug Discovery & Development |
1 | 1 | Public | Public | 652.4 | 628.7 | 9/30/2014 | LTM | — | 20.0 | NM | |||||||||||||
| OBLIGOR #14 |
Pharmaceuticals | Drug Delivery | 1 | N/A- Paid Off | Series B | N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off | |||||||||||||
| OBLIGOR #15 |
Medical Device | Biotechnology Tools |
2 | 1 | Series C | Series D | 59.6 | 86.2 | 9/30/2014 | LTM | 37,090 | 3.1 | NM | |||||||||||||
| OBLIGOR #16 |
Technology | Communications & Networking |
3 | 2 | Series E | Series A (Recap) |
83.02 | 221.6 | 9/30/2014 | LTM | 16,352 | 9.3 | NM | |||||||||||||
| OBLIGOR #17 |
Medical Device | Therapeutic | 2 | 4 | Series C | Series 1 (Recap) |
27.6 | 33.2 | 9/30/2014 | LTM | 197 | 6.1 | NM | |||||||||||||
| OBLIGOR #18 |
Technology | Internet Consumer & Business Services |
2 | 5 | Series C | Series D | 50.4 | 127.2 | 9/30/2014 | LTM | 53,588 | 13.0 | — | |||||||||||||
| OBLIGOR #19 |
Pharmaceuticals | Diagnostic | 2 | N/A- Substituted | Series A | N/A- Substituted |
N/A- Substituted |
N/A- Substituted |
N/A- Substituted |
N/A- Substituted |
N/A- Substituted |
N/A- Substituted |
N/A- Substituted | |||||||||||||
| OBLIGOR #20 |
Medical Device | Surgical Devices | 2 | 1 | Series C | Series E | 103.0 | 175.0 | 9/30/2014 | LTM | 6,310 | 6.6 | NM | |||||||||||||
| OBLIGOR #21 |
Technology | Internet Consumer & Business Services |
1 | N/A- Paid Off | Public | N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off | |||||||||||||
| OBLIGOR #21 |
Technology | Internet Consumer & Business Services |
1 | N/A- Paid Off | Public | N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off | |||||||||||||
| OBLIGOR #22 |
Medical Device | Medical Device & Equipment |
2 | 5 | Series G | Series A (Recap) |
65.9 | 84.9 | 9/30/2014 | LTM | 9,597 | 4.2 | NM | |||||||||||||
| OBLIGOR #23 |
Technology | Internet Consumer & Business Services |
2 | N/A- Paid Off | Series B | N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off | |||||||||||||
| OBLIGOR #24 |
Middle Market | Media/Content/Info | 2 | N/A- Substituted | Other | N/A- Substituted |
N/A- Substituted |
N/A- Substituted |
N/A- Substituted |
N/A- Substituted |
N/A- Substituted N/A- Substituted | N/A- Substituted | ||||||||||||||
| OBLIGOR #25 |
Middle Market | Internet Consumer & Business Services |
2 | N/A- Paid Off | Other | N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off | |||||||||||||
| OBLIGOR #26 |
Pharmaceuticals | Drug Discovery & Development |
N/A | 1 | N/A | Public | 1,957.7 | 363.3 | 9/30/2014 | LTM | 75,172 | 15.0 | NM | |||||||||||||
| OBLIGOR #27 |
Technology | Electronics & Computer Hardware |
N/A | N/A- Paid Off | N/A | N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off | |||||||||||||
| OBLIGOR #28 |
Technology | Energy Technology | N/A | N/A- Paid Off | N/A | N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off | |||||||||||||
| OBLIGOR #29 |
Pharmaceuticals | Drug Discovery & Development |
N/A | N/A- Paid Off | N/A | N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off | |||||||||||||
Portfolio Key Performance Events
| Obligor CODE |
Description |
Key Performance Events for the periods July 2014 to September 2014 | ||
| OBLIGOR #1 | Publicly-traded company focused on development of the treatment of acute and breakthrough pain | NA - Paid Off | ||
| OBLIGOR #2 | Developer of core technology platform for rapid administration of most small molecule drugs | NA - Substituted out of portfolio | ||
| OBLIGOR #3 | Provider of engineering planning services for clean energy networks | NA - Paid Off | ||
| OBLIGOR #4 | Start-up company focused on in-licensing of candidates for respiratory and inflammatory diseases. | NA - Substituted out of portfolio | ||
| OBLIGOR #5 | Publicly-traded company focused on the discovery and development of cancer therapeutics. | In Q4’14 the Company entered into a Research and Exclusive License Option with another corporation for one of its assets as a treatment for a non-oncologic disease. | ||
| OBLIGOR #6 | Online storage and sharing service | NA - Substituted out of portfolio | ||
| OBLIGOR #7 | Clinical-stage pharma company focused on developing antibiotics for treatment of bacterial infectious diseases | NA - Paid Off | ||
| OBLIGOR #8 | Focused on novel immunotherapy biologic agents for autoimmune diseases and cancer | NA- Paid Off | ||
| OBLIGOR #9 | Leader in analyzing and understanding the human genome | NA - Paid Off | ||
| OBLIGOR #10 | Cloud Platform-as-a-Service (AppBase) for rapidly building and deploying Dynamic Case Management applications | The Company’s Board and majority of shareholder’s approved a series B round. As of Q3’14 the Company has received ~$1.5M from two inside investors | ||
| OBLIGOR #11 | Solar microinverter systems for residential and commercial applications | NA - Paid Off | ||
| OBLIGOR #12 | Mission is to sustainably and efficiently recover billions of barrels of oil trapped using existing wells | In Q3’14, total revenue was up 604% year-over-year and service revenues were up 129% year over year. Oil production increased 10% from 2Q’14. | ||
| OBLIGOR #13 | Focused on development of inhaled pharmaceuticals for site-specific treatment of serious lung diseases | No updates this quarter. | ||
| OBLIGOR #14 | Specialty pharmaceutical company developing ‘Combination Products’ for drug delivery | NA - Paid Off | ||
| OBLIGOR #15 | Provides compact liquid and plate handling systems and plastic laboratory supplies | The Company was selected as a 2015 Technology Pioneer by an international institution . | ||
| OBLIGOR #16 | Provider of software that enables a simple user interface for wireless control of consumer electronics | In September 2014, the Company raised an additional $1.5M in equity funding from existing investors. | ||
| OBLIGOR #17 | Develops innovative and non-invasive therapies addressing age-related macular degeneration | As of 9-8-14 a hospital in Europe used the Company’s product to treat 19 patients in Q3’14 which is an increase from the prior quarter. The physician there is accelerating treatments after seeing positive results in the first couple of patients that were treated. | ||
| OBLIGOR #18 | The Company operates an online lead generation platform, which through its proprietary auction-based marketplace connects sellers and buyers | Q3’14 performance by the Company tripped the trailing three month revenue and EBITDA covenants. The Company was issued a Notice of Default in November 2014 and the Servicer is monitoring the loans very closely. To date, the Company is current on principal and interest payments. | ||
| OBLIGOR #19 | Develops pharmaceuticals through the use of biological markers | NA - Substituted out of portfolio | ||
| OBLIGOR #20 | Focuses on developing and commercializing a proprietary system to enable transplantation of functioning organs | In October 2014, the Company announced that its product was used in three adult heart transplant procedures and that all the patients who received these transplants have recovered very well. | ||
| OBLIGOR #21 | Online market place which brings together home buyers/sellers and real estate professionals | NA- Paid off | ||
| OBLIGOR #22 | Focused on treating primary and recurrent prostate cancer using a minimally invasive outpatient procedure | In November 2014, the Company raised over $10M in new funding. | ||
| OBLIGOR #23 | Provider of location-based mobile safety and security solutions to owners of mobile phones | NA- Paid off | ||
| OBLIGOR #24 | Leading marketing services and media buying firm targeting the U.S. female audience | NA - Substituted out of portfolio | ||
| OBLIGOR #25 | Online media platform that provides women-focused content to its viewers | NA- Paid off | ||
| OBLIGOR #26 | Committed to the development and commercialization of an integrated portfolio of oncology products aimed at making cancer more treatable | In September 2014, the Company announced that it signed a development and commercialization deal with another company for a total deal value of up to $134M if all milestones are met. | ||
| OBLIGOR #27 | Provides products and solutions in the areas of physical and logical access control, identity management, and radio frequency identification (RFID) systems | NA - Paid Off | ||
| OBLIGOR #28 | Focuses on developing and operating facilities for converting municipal waste products to low-cost renewable transportation fuel | NA - Paid Off | ||
| OBLIGOR #29 | Engages in development of human gene based therapies for hereditary, liver, or cardiovascular diseases, and disorders of the central and peripheral nervous systems | NA - Paid Off | ||
Loan Information as of September 30, 2014
| Per LSA | ||||||||||||||||||||
| Obligor CODE |
Status (Active - Initial Pool, Active - Substitute) |
Date of Substitution |
Cash Yield | Fixed /Floating | Loan Status (Current, Delinquent, Defaulted, Prepaid, Repaid, Repurchased, Substituted) |
Prepayment Date | Prepayment Amount (Principal + Final Payment + Prepayment Penalty + Success Fee) |
Date of Payment Default | Days Past Due | |||||||||||
| OBLIGOR #1 | Inactive- Initial Pool |
8.50 | % | Floating | Prepaid | 12/16/2013 | $4,285,773 | |||||||||||||
| OBLIGOR #2 | Inactive- Initial Pool |
(4/3/2013) | 10.75 | % | Floating | Substituted | ||||||||||||||
| OBLIGOR #3 | Inactive- Initial Pool |
11.00 | % | Floating | Repaid | 12/1/2014 | $884,616 | |||||||||||||
| OBLIGOR #4 | Inactive- Initial Pool |
(4/3/2013) | 10.55 | % | Floating | Substituted | ||||||||||||||
| OBLIGOR #5 | Active- Initial Pool |
11.90 | % | Floating | Current | |||||||||||||||
| OBLIGOR #6 | Inactive- Initial Pool |
(8/6/2013) | 8.88 | % | Floating | Substituted | ||||||||||||||
| OBLIGOR #7 | Inactive- Initial Pool |
9.55 | % | Floating | Prepaid | 6/30/2014 | $9,839,359 | |||||||||||||
| OBLIGOR #8 | Inactive- Initial Pool |
9.25 | % | Floating | Prepaid | 2/13/2014 | $13,862,762 | |||||||||||||
| OBLIGOR #9 | Inactive- Initial Pool |
13.50 | % | Floating | Prepaid | 12/10/2012 | $3,909,219 | |||||||||||||
| OBLIGOR #10 | Active- Initial Pool |
10.25 | % | Floating | Current | |||||||||||||||
| OBLIGOR #11 | Inactive- Initial Pool |
9.00 | % | Floating | Repaid | |||||||||||||||
| OBLIGOR #12 | Active- Initial Pool |
10.00 | % | Floating | Current | |||||||||||||||
| OBLIGOR #13 | Active- Initial Pool |
9.25 | % | Floating | Current | |||||||||||||||
| OBLIGOR #14 | Inactive- Initial Pool |
11.00 | % | Floating | Prepaid | 4/1/2014 | $14,852,035 | |||||||||||||
| OBLIGOR #15 | Active- Initial Pool |
9.95 | % | Floating | Current | |||||||||||||||
| OBLIGOR #16 | Active- Initial Pool |
12.00 | % | Floating | Current | |||||||||||||||
| OBLIGOR #17 | Active- Initial Pool |
10.25 | % | Floating | Current | |||||||||||||||
| OBLIGOR #18 | Active- Initial Pool |
10.13 | % | Floating | Current | |||||||||||||||
| OBLIGOR #18 | Active- Initial Pool |
11.00 | % | Floating | Current | |||||||||||||||
| OBLIGOR #19 | Inactive- Initial Pool |
(10/29/2013) | 11.65 | % | Floating | Substituted | ||||||||||||||
| OBLIGOR #20 | Active- Initial Pool |
12.95 | % | Fixed | Current | |||||||||||||||
| OBLIGOR #21 | Inactive- Initial Pool |
6.00 | % | Floating | Prepaid | 12/17/2003 | $3,591,075 | |||||||||||||
| OBLIGOR #21 | Inactive- Initial Pool |
8.75 | % | Floating | Prepaid | 12/17/2003 | $3,632,341 | |||||||||||||
| OBLIGOR #22 | Active- Initial Pool |
11.00 | % | Floating | Current | |||||||||||||||
| OBLIGOR #23 | Inactive- Initial Pool |
9.50 | % | Floating | Prepaid | 10/15/2014 | $8,091,263 | |||||||||||||
| OBLIGOR #24 | Inactive- Initial Pool |
(5/29/2013) | 10.00 | % | Floating | Substituted | ||||||||||||||
| OBLIGOR #25 | Inactive- Initial Pool |
9.25 | % | Floating | Prepaid | 12/5/2014 | $6,251,408 | |||||||||||||
| OBLIGOR #25 | Inactive- Initial Pool |
10.25 | % | Floating | Prepaid | 12/5/2014 | $4,856,347 | |||||||||||||
| OBLIGOR #26 | Active- Substitute |
4/3/2013 | 12.25 | % | Floating | Current | ||||||||||||||
| OBLIGOR #27 | Inactive- Substitute |
5/29/2013 | 11.00 | % | Floating | Prepaid | 3/31/2014 | $5,952,634 | ||||||||||||
| OBLIGOR #28 | Inactive- Substitute |
8/6/2013 | 11.00 | % | Floating | Prepaid | 7/29/2014 | $9,031,916 | ||||||||||||
| OBLIGOR #29 | Inactive- Substitute |
10/29/2013 | 11.85 | % | Floating | Prepaid | 6/26/2014 | $3,757,205 | ||||||||||||
Waivers and Modifications
July 1, 2014—September 30, 2014
| Waiver Information (as applicable) | Loan Modification Information (as applicable) | |||||||||||||||||||||||||||||||||
| Obligor CODE |
Loan Status (Active /Paid off/Substituted) |
Document Name | Document Execution Date |
Waiver of Default (Y/N) |
Type | Credit Condition to Waiver (Y/N) |
Waiver Description |
Reset Covenants (Y/N) |
Extended I/O or Amortization Change (Y/N) |
Extended Maturity (Y/N) |
Change to Interest Rate (Y/N) |
Change to Collateral (Y/N) |
Other (Y/N) |
Modification Description |
Credit Conditions to Modification (Y/N) |
Description of Condition |
Result of Material Distress (Y/N) | |||||||||||||||||
| OBLIGOR #1 |
Paid Off | NONE | ||||||||||||||||||||||||||||||||
| OBLIGOR #2 |
Substituted | NONE | ||||||||||||||||||||||||||||||||
| OBLIGOR #3 |
Paid Off | NONE | ||||||||||||||||||||||||||||||||
| OBLIGOR #4 |
Substituted | NONE | ||||||||||||||||||||||||||||||||
| OBLIGOR #5 |
Active | NONE | ||||||||||||||||||||||||||||||||
| OBLIGOR #6 |
Substituted | NONE | ||||||||||||||||||||||||||||||||
| OBLIGOR #7 |
Paid Off | NONE | ||||||||||||||||||||||||||||||||
| OBLIGOR #8 |
Paid Off | NONE | ||||||||||||||||||||||||||||||||
| OBLIGOR #9 |
Paid Off | NONE | ||||||||||||||||||||||||||||||||
| OBLIGOR #10 |
Active | NONE | ||||||||||||||||||||||||||||||||
| OBLIGOR #11 |
Paid Off | NONE | ||||||||||||||||||||||||||||||||
| OBLIGOR #12 |
Active | NONE | ||||||||||||||||||||||||||||||||
| OBLIGOR #13 |
Active | NONE | ||||||||||||||||||||||||||||||||
| OBLIGOR #14 |
Paid Off | NONE | ||||||||||||||||||||||||||||||||
| OBLIGOR #15 |
Active | NONE | ||||||||||||||||||||||||||||||||
| OBLIGOR #16 |
Active | NONE | ||||||||||||||||||||||||||||||||
| OBLIGOR #17 |
Active | NONE | ||||||||||||||||||||||||||||||||
| OBLIGOR #18 |
Active | NONE | ||||||||||||||||||||||||||||||||
| OBLIGOR #19 |
Substituted | NONE | ||||||||||||||||||||||||||||||||
| OBLIGOR #20 |
Active | NONE | ||||||||||||||||||||||||||||||||
| OBLIGOR #21 |
Paid Off | NONE | ||||||||||||||||||||||||||||||||
| OBLIGOR #22 |
Active | NONE | ||||||||||||||||||||||||||||||||
| OBLIGOR #23 |
Paid Off | NONE | ||||||||||||||||||||||||||||||||
| OBLIGOR #24 |
Substituted | NONE | ||||||||||||||||||||||||||||||||
| OBLIGOR #25 |
Paid Off | NONE | ||||||||||||||||||||||||||||||||
| OBLIGOR #26 |
Active | NONE | ||||||||||||||||||||||||||||||||
| OBLIGOR #27 |
Paid Off | NONE | ||||||||||||||||||||||||||||||||
| OBLIGOR #28 |
Paid Off | NONE | ||||||||||||||||||||||||||||||||
| OBLIGOR #29 |
Paid Off | NONE | ||||||||||||||||||||||||||||||||
Schedule of Related Term Loans
As of September 30, 2014
| Related Term Loans (1) | ||||||||||||||||||||||
| At Close | At September 30, 2014 | |||||||||||||||||||||
| Obligor CODE |
Servicer Availability(1) | Additional Approved Commitment |
Post-close Fundings | Expired Availability | Servicer Availability(1) | Comments | ||||||||||||||||
| OBLIGOR #1 |
8,172,429 | — | — | — | — | loan prepaid | ||||||||||||||||
| OBLIGOR #2 |
— | — | — | — | — | loan substituted out of portfolio | ||||||||||||||||
| OBLIGOR #3 |
— | — | — | — | — | loan matured | ||||||||||||||||
| OBLIGOR #4 |
9,239,359 | — | — | — | — | loan substituted out of portfolio | ||||||||||||||||
| OBLIGOR #5 |
13,944,355 | 10,000,000 | 10,000,000 | — | 16,108,210 | |||||||||||||||||
| OBLIGOR #6 |
21,017,522 | — | — | — | — | loan substituted out of portfolio | ||||||||||||||||
| OBLIGOR #7 |
— | — | — | — | — | loan prepaid | ||||||||||||||||
| OBLIGOR #8 |
— | — | — | — | — | loan prepaid | ||||||||||||||||
| OBLIGOR #9 |
— | — | — | — | — | loan prepaid | ||||||||||||||||
| OBLIGOR #10 |
— | — | — | — | — | |||||||||||||||||
| OBLIGOR #11 |
7,400,000 | — | — | — | loan matured | |||||||||||||||||
| OBLIGOR #12 |
— | — | — | — | — | |||||||||||||||||
| OBLIGOR #13 |
— | 10,000,000 | — | 10,000,000 | ||||||||||||||||||
| OBLIGOR #14 |
— | — | — | — | — | loan prepaid | ||||||||||||||||
| OBLIGOR #15 |
760,913 | — | — | — | — | |||||||||||||||||
| OBLIGOR #16 |
— | 1,927,815 | 1,927,815 | — | 1,706,718 | |||||||||||||||||
| OBLIGOR #17 |
499,501 | — | — | — | — | |||||||||||||||||
| OBLIGOR #18 |
— | — | 3,298,242 | — | 3,134,537 | |||||||||||||||||
| OBLIGOR #19 |
— | — | — | — | — | loan substituted out of portfolio | ||||||||||||||||
| OBLIGOR #20 |
— | — | — | — | — | |||||||||||||||||
| OBLIGOR #21 |
— | — | — | — | — | loan prepaid | ||||||||||||||||
| OBLIGOR #22 |
— | — | 4,000,000 | — | — | |||||||||||||||||
| OBLIGOR #23 |
— | — | — | — | — | loan prepaid | ||||||||||||||||
| OBLIGOR #24 |
17,759,716 | — | — | — | — | loan substituted out of portfolio | ||||||||||||||||
| OBLIGOR #25 |
— | — | — | — | — | loan prepaid | ||||||||||||||||
| OBLIGOR #26 |
— | — | 5,000,000 | — | 4,987,388 | |||||||||||||||||
| OBLIGOR #27 |
— | — | — | — | — | loan prepaid | ||||||||||||||||
| OBLIGOR #28 |
— | — | — | — | — | loan prepaid | ||||||||||||||||
| OBLIGOR #29 |
— | — | — | — | — | loan prepaid | ||||||||||||||||
| Total |
78,793,795 | 11,927,815 | 34,226,057 | — | 35,936,854 | |||||||||||||||||
| (1) | Note, servicer availability and related term loans: In certain cases, the Seller, an affiliate of the Seller or a third party has or will issue one or more related revolving lines of credit or other related loans to an Obligor, which may include future funding obligations (in each case, a “Related Loan”). In most, but not all cases, the Loans and the Related Loans will have an undivided, pari passu security interest in the collateral securing the obligations under the Loans and the Related Loans. The Loan documentation and the Related Loan documentation also include cross-default provisions. The Issuer will not own any interest in any Related Loan. |
Schedule of Servicer Related Revolver Loans
As of September 30, 2014
| Related Revolver Loans (1) | ||||||||||||||||||||||||||
| At Close | At September 30, 2014 | |||||||||||||||||||||||||
| Obligor CODE | Revolver Commitment |
Revolver Balance |
Gross Revolver Availability (1) |
Revolver Commitment |
Revolver Balance |
Gross Revolver Availability (1) |
Comments | |||||||||||||||||||
| OBLIGOR #1 |
— | — | — | — | — | — | loan prepaid | |||||||||||||||||||
| OBLIGOR #2 |
— | — | — | — | — | — | loan substituted out of portfolio | |||||||||||||||||||
| OBLIGOR #3 |
— | — | — | — | — | — | loan matured | |||||||||||||||||||
| OBLIGOR #4 |
— | — | — | — | — | — | loan substituted out of portfolio | |||||||||||||||||||
| OBLIGOR #5 |
— | — | — | — | — | — | ||||||||||||||||||||
| OBLIGOR #6 |
— | — | — | — | — | — | loan substituted out of portfolio | |||||||||||||||||||
| OBLIGOR #7 |
— | — | — | — | — | — | loan prepaid | |||||||||||||||||||
| OBLIGOR #8 |
— | — | — | — | — | — | loan prepaid | |||||||||||||||||||
| OBLIGOR #9 |
— | — | — | — | — | — | loan prepaid | |||||||||||||||||||
| OBLIGOR #10 |
— | — | — | — | — | — | ||||||||||||||||||||
| OBLIGOR #11 |
— | — | — | — | — | — | loan matured | |||||||||||||||||||
| OBLIGOR #12 |
— | — | — | — | — | — | ||||||||||||||||||||
| OBLIGOR #13 |
— | — | — | — | — | — | ||||||||||||||||||||
| OBLIGOR #14 |
— | — | — | — | — | — | loan prepaid | |||||||||||||||||||
| OBLIGOR #15 |
— | — | — | — | — | — | ||||||||||||||||||||
| OBLIGOR #16 |
— | — | — | — | — | — | ||||||||||||||||||||
| OBLIGOR #17 |
— | — | — | — | — | — | ||||||||||||||||||||
| OBLIGOR #18 |
— | — | — | — | — | — | ||||||||||||||||||||
| OBLIGOR #19 |
— | — | — | — | — | — | loan substituted out of portfolio | |||||||||||||||||||
| OBLIGOR #20 |
— | — | — | — | — | — | ||||||||||||||||||||
| OBLIGOR #21 |
— | — | — | — | — | — | loan prepaid | |||||||||||||||||||
| OBLIGOR #22 |
— | — | — | — | — | — | ||||||||||||||||||||
| OBLIGOR #23 |
— | — | — | — | — | — | loan prepaid | |||||||||||||||||||
| OBLIGOR #24 |
1,500,000 | — | 1,500,000 | — | — | — | loan substituted out of portfolio | |||||||||||||||||||
| OBLIGOR #25 |
2,000,000 | — | 2,000,000 | — | — | — | loan prepaid | |||||||||||||||||||
| OBLIGOR #26 |
— | — | — | — | — | — | ||||||||||||||||||||
| OBLIGOR #27 |
— | — | — | — | — | — | loan prepaid | |||||||||||||||||||
| OBLIGOR #28 |
— | — | — | — | — | — | loan prepaid | |||||||||||||||||||
| OBLIGOR #29 |
— | — | — | — | — | — | loan prepaid | |||||||||||||||||||
| TOTAL |
3,500,000 | — | 3,500,000 | — | — | — | ||||||||||||||||||||
| (1) | Note, servicer availability and related revolver loans: In certain cases, the Seller, an affiliate of the Seller or a third party has or will issue one or more related revolving lines of credit or other related loans to an Obligor, which may include future funding obligations (in each case, a “Related Loan”). In most, but not all cases, the Loans and the Related Loans will have an undivided, pari passu security interest in the collateral securing the obligations under the Loans and the Related Loans. The Loan documentation and the Related Loan documentation also include cross-default provisions. The Issuer will not own any interest in any Related Loan. |
Quarterly Servicer Report
On Behalf of Funding Trust 2012-1
For the fiscal quarter ending December 31, 2014
Prepared: March 16, 2015
Table of Contents
| Obligor Credit Information |
2 | |||
| Obligor Key Performance Events |
3 | |||
| Loan Information |
4 | |||
| Waivers and Modifications |
5 | |||
| Related Term Loans |
6 | |||
| Related Revolvers |
7 |
Obligor Credit Information
| 12/31/2014 | ||||||||||||||||||||||||||
| Data as of 12-31-14 | ||||||||||||||||||||||||||
| Obligor CODE |
Industry Sector | SubSector |
Credit Score at Closing |
Current Credit Score |
Investment Stage at Closing |
Current Stage (as defined by equity round raised/Public/Other (LMM) |
Equity Raised to Date (in millions) |
Current Valuation (in millions) Post Money (Private), Market Cap (Public), EV (Other) |
Statement Date | Period | LTM Revenues (in thousands) |
Total Senior Debt (in millions) |
TTM/Annualized EBITDA (in thousands) | |||||||||||||
| OBLIGOR #1 |
Pharmaceuticals | Drug Delivery | 2 | N/A- Paid Off |
Public | N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off | N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off | |||||||||||||
| OBLIGOR #2 |
Pharmaceuticals | Drug Delivery | 2 | N/A- Substituted |
Public | N/A- Substituted |
N/A- Substituted |
N/A- Substituted |
N/A- Substituted |
N/A- Substituted |
N/A- Substituted |
N/A- Substituted |
N/A- Substituted | |||||||||||||
| OBLIGOR #3 |
Energy Technology |
Energy Technology | 2 | N/A- Paid Off |
Public | N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off | N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off | |||||||||||||
| OBLIGOR #4 |
Pharmaceuticals | Drug Discovery & Development | 2 | N/A- Substituted |
Public | N/A- Substituted |
N/A- Substituted |
N/A-Substituted | N/A- Substituted |
N/A- Substituted |
N/A- Substituted |
N/A- Substituted |
N/A- Substituted | |||||||||||||
| OBLIGOR #5 |
Pharmaceuticals | Drug Discovery & Development | 2 | 2 | Public | Public | 500.4 | 43.9 | 12/31/2014 | LTM | 18,123 | 21.6 | NM | |||||||||||||
| OBLIGOR #6 |
Technology | Software | 1 | N/A- Substituted |
Series E | N/A- Substituted |
N/A- Substituted |
N/A-Substituted | N/A- Substituted |
N/A- Substituted |
N/A- Substituted |
N/A- Substituted |
N/A- Substituted | |||||||||||||
| OBLIGOR #7 |
Pharmaceuticals | Drug Discovery & Development | 1 | N/A- Paid Off |
Public | N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off | N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off | |||||||||||||
| OBLIGOR #8 |
Pharmaceuticals | Drug Discovery & Development | 2 | N/A- Paid Off |
Public | N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off | N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off | |||||||||||||
| OBLIGOR #9 |
Pharmaceuticals | Biotechnology Tools | 1 | N/A- Paid Off |
Series A | N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off | N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off | |||||||||||||
| OBLIGOR #10 |
Technology | Information Services | 3 | 5 | Series A | Series B | 14.4 | 5.4 | 12/31/2014 | LTM | 2,520 | 0.2 | NM | |||||||||||||
| OBLIGOR #11 |
Energy Technology |
Energy Technology | 2 | N/A- Paid Off |
Public | N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off | N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off | |||||||||||||
| OBLIGOR #12 |
Energy Technology |
Energy Technology | 2 | N/A- Paid Off |
Series C | N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off | N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off | |||||||||||||
| OBLIGOR #13 |
Pharmaceuticals | Drug Discovery & Development | 1 | 1 | Public | Public | 652.4 | 768.3 | 12/31/2014 | LTM | - | 25.0 | NM | |||||||||||||
| OBLIGOR #14 |
Pharmaceuticals | Drug Delivery | 1 | N/A- Paid Off |
Series B | N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off | N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off | |||||||||||||
| OBLIGOR #15 |
Medical Device | Biotechnology Tools | 2 | 1 | Series C | Series D | 59.6 | 86.2 | 12/31/2014 | LTM | 41,032 | 2.7 | NM | |||||||||||||
| OBLIGOR #16 |
Technology | Communications & Networking | 3 | 3 | Series E | Series A (Recap) |
84.5 | 226.3 | 12/31/2014 | LTM | 10,573 | 12.9 | NM | |||||||||||||
| OBLIGOR #17 |
Medical Device | Therapeutic | 2 | N/A- Paid Off |
Series C | N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off | N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off | |||||||||||||
| OBLIGOR #18 |
Technology | Internet Consumer & Business Services | 2 | 5 | Series C | Series D | 50.4 | 127.2 | 12/31/2014 | LTM | 46,372 | 12.0 | NM | |||||||||||||
| OBLIGOR #19 |
Pharmaceuticals | Diagnostic | 2 | N/A- Substituted |
Series A | N/A- Substituted |
N/A- Substituted |
N/A-Substituted | N/A- Substituted |
N/A- Substituted |
N/A- Substituted |
N/A- Substituted |
N/A- Substituted | |||||||||||||
| OBLIGOR #20 |
Medical Device | Surgical Devices | 2 | 1 | Series C | Series E | 103.0 | 177.4 | 12/31/2014 | LTM | 6,001 | 6.1 | NM | |||||||||||||
| OBLIGOR #21 |
Technology | Internet Consumer & Business Services | 1 | N/A- Paid Off |
Public | N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off | N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off | |||||||||||||
| OBLIGOR #21 |
Technology | Internet Consumer & Business Services | 1 | N/A- Paid Off |
Public | N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off | N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off | |||||||||||||
| OBLIGOR #22 |
Medical Device | Medical Device & Equipment | 2 | 2 | Series G | Series A (Recap) | 65.9 | 84.9 | 12/31/2014 | LTM | 8,353 | 0.9 | NM | |||||||||||||
| OBLIGOR #23 |
Technology | Internet Consumer & Business Services | 2 | N/A- Paid Off |
Series B | N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off | N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off | |||||||||||||
| OBLIGOR #24 |
Middle Market | Media/Content/Info | 2 | N/A- Substituted |
Other | N/A- Substituted |
N/A- Substituted |
N/A- Substituted |
N/A- Substituted |
N/A- Substituted |
N/A- Substituted |
N/A- Substituted |
N/A- Substituted | |||||||||||||
| OBLIGOR #25 |
Middle Market | Internet Consumer & Business Services | 2 | N/A- Paid Off |
Other | N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off | N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off | |||||||||||||
| OBLIGOR #26 |
Pharmaceuticals | Drug Discovery & Development | N/A | 1 | N/A | Public | 1,957.7 | 416.5 | 12/31/2014 | LTM | 60,077 | 18.5 | NM | |||||||||||||
| OBLIGOR #27 |
Technology | Electronics & Computer Hardware | N/A | N/A- Paid Off |
N/A | N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off | N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off | |||||||||||||
| OBLIGOR #28 |
Technology | Energy Technology | N/A | N/A- Paid Off |
N/A | N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off | N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off | |||||||||||||
| OBLIGOR #29 |
Pharmaceuticals | Drug Discovery & Development | N/A | N/A- Paid Off |
N/A | N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off | N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off |
N/A- Paid Off | |||||||||||||
Portfolio Key Performance Events
| Obligor CODE |
Description |
Key Performance Events for the periods September 2014 to December 2014 | ||
| OBLIGOR #1 |
Publicly-traded company focused on development of the treatment of acute and breakthrough pain | NA - Paid Off | ||
| OBLIGOR #2 |
Developer of core technology platform for rapid administration of most small molecule drugs | NA - Substituted out of portfolio | ||
| OBLIGOR #3 |
Provider of engineering planning services for clean energy networks | NA - Paid Off | ||
| OBLIGOR #4 |
Start-up company focused on in-licensing of candidates for respiratory and inflammatory diseases. | NA-Substituted out of portfolio | ||
| OBLIGOR #5 |
Publicly-traded company focused on the discovery and development of cancer therapeutics. | In January 2015, the Company received written confirmation from the European Medicine Agency (EMA) that one of the Company’s products is eligible for submission of an application for a European Union Marketing Authorization under the Agency’s centralized procedure. | ||
| OBLIGOR #6 |
Online storage and sharing service | NA - Substituted out of portfolio | ||
| OBLIGOR #7 |
Clinical-stage pharma company focused on developing antibiotics for treatment of bacterial infectious diseases | NA - Paid Off | ||
| OBLIGOR #8 |
Focused on novel immunotherapy biologic agents for autoimmune diseases and cancer | NA - Paid Off | ||
| OBLIGOR #9 |
Leader in analyzing and understanding the human genome | NA - Paid Off | ||
| OBLIGOR #10 |
Cloud Platform-as-a-Service (AppBase) for rapidly building and deploying Dynamic Case Management applications | The Company closed an additional $500k of the Series B financing, for a total of $2.0M in Q4’14. The round remains open after that for further investments. | ||
| OBLIGOR #11 |
Solar microinverter systems for residential and commercial applications | NA - Paid Off | ||
| OBLIGOR #12 |
Mission is to sustainably and efficiently recover billions of barrels of oil trapped using existing wells | NA - Paid Off | ||
| OBLIGOR #13 |
Focused on development of inhaled pharmaceuticals for site-specific treatment of serious lung diseases | In early 2015, the Company commenced their Phase 3 clinical study, which is designed to confirm the positive results seen in their Phase 2 clinical trial. The Company will enroll at least 300 patients from 80 clinical sites across the US, Europe and Asia. The Company expects to complete enrollment by the end of 2015, with final data expected in the first half of 2016. | ||
| OBLIGOR #14 |
Specialty pharmaceutical company developing ‘Combination Products’ for drug delivery | NA - Paid Off | ||
| OBLIGOR #15 |
Provides compact liquid and plate handling systems and plastic laboratory supplies | No updates this quarter. | ||
| OBLIGOR #16 |
Provider of software that enables a simple user interface for wireless control of consumer electronics | The Company’s relationship with a large mobile service provider has grown to the point that it is providing a meaningful secondary revenue stream of about $300-400k per month going forward. | ||
| OBLIGOR #17 |
Develops innovative and non-invasive therapies addressing age-related macular degeneration | NA - Paid Off | ||
| OBLIGOR #18 |
The Company operates an online lead generation platform, which through its proprietary auction-based marketplace connects sellers and buyers | Q3’14 performance by the Company tripped the trailing three month revenue and EBITDA covenants. The Company was issued a Notice of Default in November 2014 and the Servicer is monitoring the loans very closely. To date, the Company is current on principal and interest payments. | ||
| OBLIGOR #19 |
Develops pharmaceuticals through the use of biological markers | NA - Substituted out of portfolio | ||
| OBLIGOR #20 |
Focuses on developing and commercializing a proprietary system to enable transplantation of functioning organs | In Q1’15 the Company engaged a US Investment Bank to lead the next equity round, with the Company targeting to raise $15M in Q2 2015. | ||
| OBLIGOR #21 |
Online market place which brings together home buyers/sellers and real estate professionals | NA - Paid off | ||
| OBLIGOR #22 |
Focused on treating primary and recurrent prostate cancer using a minimally invasive outpatient procedure | In Q4’14, the Company raised approximately $12M in new funding. | ||
| OBLIGOR #23 |
Provider of location-based mobile safety and security solutions to owners of mobile phones | NA - Paid off | ||
| OBLIGOR #24 |
Leading marketing services and media buying firm targeting the U.S. female audience | NA - Substituted out of portfolio | ||
| OBLIGOR #25 |
Online media platform that provides women-focused content to its viewers | NA - Paid off | ||
| OBLIGOR #26 |
Committed to the development and commercialization of an integrated portfolio of oncology products aimed at making cancer more treatable | In December 2014, the Company announced that they received a $15.0M milestone payment from a pharmaceutical company related to the achievement of a sales milestone for one of its products. The Company is eligible to receive up to an additional $80M of sales milestone payments from this company as they hit specified levels of sales. | ||
| OBLIGOR #27 |
Provides products and solutions in the areas of physical and logical access control, identity management, and radio frequency identification (RFID) systems | NA - Paid Off | ||
| OBLIGOR #28 |
Focuses on developing and operating facilities for converting municipal waste products to low-cost renewable transportation fuel | NA - Paid Off | ||
| OBLIGOR #29 |
Engages in development of human gene based therapies for hereditary, liver, or cardiovascular diseases, and disorders of the central and peripheral nervous systems | NA - Paid Off | ||
Loan Information as of December 31, 2014
| Per LSA | ||||||||||||||||||||
| Obligor CODE |
Status (Active - Initial Pool, Active - Substitute) |
Date of Substitution |
Cash Yield | Fixed /Floating | Loan Status (Current, Delinquent, Defaulted, Prepaid, Repaid, Repurchased, Substituted) |
Prepayment Date |
Prepayment Amount (Principal + Final Payment + Prepayment Penalty + Success Fee) |
Date of Payment Default |
Days Past Due | |||||||||||
| OBLIGOR #1 |
Inactive-Initial Pool | 8.50 | % | Floating | Prepaid | 12/16/2013 | $4,285,773 | |||||||||||||
| OBLIGOR #2 |
Inactive-Initial Pool | (4/3/2013) | 10.75 | % | Floating | Substituted | ||||||||||||||
| OBLIGOR #3 |
Inactive-Initial Pool | 11.00 | % | Floating | Repaid | 12/1/2014 | $884,616 | |||||||||||||
| OBLIGOR #4 |
Inactive-Initial Pool | (4/3/2013) | 10.55 | % | Floating | Substituted | ||||||||||||||
| OBLIGOR #5 |
Active-Initial Pool | 11.90 | % | Floating | Current | |||||||||||||||
| OBLIGOR #6 |
Inactive-Initial Pool | (8/6/2013) | 8.88 | % | Floating | Substituted | ||||||||||||||
| OBLIGOR #7 |
Inactive-Initial Pool | 9.55 | % | Floating | Prepaid | 6/30/2014 | $9,839,359 | |||||||||||||
| OBLIGOR #8 |
Inactive-Initial Pool | 9.25 | % | Floating | Prepaid | 2/13/2014 | $13,862,762 | |||||||||||||
| OBLIGOR #9 |
Inactive-Initial Pool | 13.50 | % | Floating | Prepaid | 12/10/2012 | $3,909,219 | |||||||||||||
| OBLIGOR #10 |
Active-Initial Pool | 10.25 | % | Floating | Current | |||||||||||||||
| OBLIGOR #11 |
Inactive-Initial Pool | 9.00 | % | Floating | Repaid | |||||||||||||||
| OBLIGOR #12 |
Inactive-Initial Pool | 10.00 | % | Floating | Prepaid | 3/2/2015 | $1,483,539 | |||||||||||||
| OBLIGOR #13 |
Active-Initial Pool | 9.25 | % | Floating | Current | |||||||||||||||
| OBLIGOR #14 |
Inactive-Initial Pool | 11.00 | % | Floating | Prepaid | 4/1/2014 | $14,852,035 | |||||||||||||
| OBLIGOR #15 |
Active-Initial Pool | 9.95 | % | Floating | Current | |||||||||||||||
| OBLIGOR #16 |
Active-Initial Pool | 12.00 | % | Floating | Current | |||||||||||||||
| OBLIGOR #17 |
Inactive-Initial Pool | 10.25 | % | Floating | Prepaid | 2/6/2015 | $6,569,932 | |||||||||||||
| OBLIGOR #18 |
Active-Initial Pool | 10.13 | % | Floating | Current | |||||||||||||||
| OBLIGOR #18 |
Active-Initial Pool | 11.00 | % | Floating | Current | |||||||||||||||
| OBLIGOR #19 |
Inactive-Initial Pool | (10/29/2013) | 11.65 | % | Floating | Substituted | ||||||||||||||
| OBLIGOR #20 |
Active-Initial Pool | 12.95 | % | Fixed | Current | |||||||||||||||
| OBLIGOR #21 |
Inactive-Initial Pool | 6.00 | % | Floating | Prepaid | 12/17/2003 | $3,591,075 | |||||||||||||
| OBLIGOR #21 |
Inactive-Initial Pool | 8.75 | % | Floating | Prepaid | 12/17/2003 | $3,632,341 | |||||||||||||
| OBLIGOR #22 |
Active-Initial Pool | 11.00 | % | Floating | Current | |||||||||||||||
| OBLIGOR #23 |
Inactive-Initial Pool | 9.50 | % | Floating | Prepaid | 10/15/2014 | $8,091,263 | |||||||||||||
| OBLIGOR #24 |
Inactive-Initial Pool | (5/29/2013) | 10.00 | % | Floating | Substituted | ||||||||||||||
| OBLIGOR #25 |
Inactive-Initial Pool | 9.25 | % | Floating | Prepaid | 12/5/2014 | $6,251,408 | |||||||||||||
| OBLIGOR #25 |
Inactive-Initial Pool | 10.25 | % | Floating | Prepaid | 12/5/2014 | $4,856,347 | |||||||||||||
| OBLIGOR #26 |
Active-Substitute | 4/3/2013 | 12.25 | % | Floating | Current | ||||||||||||||
| OBLIGOR #27 |
Inactive-Substitute | 5/29/2013 | 11.00 | % | Floating | Prepaid | 3/31/2014 | $5,952,634 | ||||||||||||
| OBLIGOR #28 |
Inactive-Substitute | 8/6/2013 | 11.00 | % | Floating | Prepaid | 7/29/2014 | $9,031,916 | ||||||||||||
| OBLIGOR #29 |
Inactive-Substitute | 10/29/2013 | 11.85 | % | Floating | Prepaid | 6/26/2014 | $3,757,205 | ||||||||||||
Waivers and Modifications
September 30, 2014 - December 31, 2014
| Waiver Information (as applicable) | Loan Modification Information (as applicable) | |||||||||||||||||||||||||||||||||
| Obligor CODE |
Loan Status (Active Paid off/ Substituted) |
Document Name |
Document Execution Date |
Waiver of Default (Y/N) |
Type | Credit Condition to Waiver (Y/N) |
Waiver Description |
Reset Covenants (Y/N) |
Extended I/O or Amortization Change (Y/N) |
Extended Maturity (Y/N) |
Change to Interest Rate (Y/N) |
Change to Collateral (Y/N) |
Other (Y/N) |
Modification Description |
Credit Conditions to Modification (Y/N) |
Description of Condition |
Result of Material Distress (Y/N) | |||||||||||||||||
| OBLIGOR #1 |
Paid Off | NONE | ||||||||||||||||||||||||||||||||
| OBLIGOR #2 |
Substituted | NONE | ||||||||||||||||||||||||||||||||
| OBLIGOR #3 |
Paid Off | NONE | ||||||||||||||||||||||||||||||||
| OBLIGOR #4 |
Substituted | NONE | ||||||||||||||||||||||||||||||||
| OBLIGOR #5 |
Active | NONE | ||||||||||||||||||||||||||||||||
| OBLIGOR #6 |
Substituted | NONE | ||||||||||||||||||||||||||||||||
| OBLIGOR #7 |
Paid Off | NONE | ||||||||||||||||||||||||||||||||
| OBLIGOR #8 |
Paid Off | NONE | ||||||||||||||||||||||||||||||||
| OBLIGOR #9 |
Paid Off | NONE | ||||||||||||||||||||||||||||||||
| OBLIGOR #10 |
Active | NONE | ||||||||||||||||||||||||||||||||
| OBLIGOR #11 |
Paid Off | NONE | ||||||||||||||||||||||||||||||||
| OBLIGOR #12 |
Paid Off | NONE | ||||||||||||||||||||||||||||||||
| OBLIGOR #13 |
Active | Amendment No. 3 to Loan and Security Agreement |
12/15/2014 | No | No | Yes | Yes | No | No | No | Amendment increases the total commitment amount from $20M to $25M; extends the Interest Only period to January 1, 2016 and extends the maturity date to January 1, 2016. | No | No | |||||||||||||||||||||
| OBLIGOR #14 |
Paid Off | NONE | ||||||||||||||||||||||||||||||||
| OBLIGOR #15 |
Active | NONE | ||||||||||||||||||||||||||||||||
| OBLIGOR #16 |
Active | Amended and Restated Master Loan and Security Agreement and Amendment to Second Amended and Restated Schedule of Terms and Conditions |
10/30/2014 | No | No | No | No | No | No | No | Restated LSA increases total commitment amount from $10.5M to $15.0M and adds a new End of Term Charge for the new $4.5M tranche | No | No | |||||||||||||||||||||
| OBLIGOR #17 |
Paid Off | NONE | ||||||||||||||||||||||||||||||||
| OBLIGOR #18 |
Active | Notice of Default |
11/24/2014 | No | No | No | No | No | No | Yes | Notice of Default - notification that the Borrower is in default pursuant to Section 9.2 of the Second Amended and Restated Loan and Security Agreement (“the Agreement”). As a result of Borrower’s failure to maintain minimum Revenue and EBITDA as required for the trailing 3 months period of August through October 2014, all amounts due and owing from the Borrower to Lender, including principal, interest and fees shall bear interest at the default rate as defined in Section 2.5 of the Agreement. | No | No | |||||||||||||||||||||
| OBLIGOR #19 |
Substituted | NONE | ||||||||||||||||||||||||||||||||
| OBLIGOR #20 |
Active | NONE | ||||||||||||||||||||||||||||||||
| OBLIGOR #21 |
Paid Off | NONE | ||||||||||||||||||||||||||||||||
| OBLIGOR #22 |
Active | Amendment to Loan & Security Agreement |
10/15/2014 | No | No | Yes | No | No | No | No | Allows for an Interest Only period if a milestone is met, beginning the first business day after the milestone is met and expiring on the first business day after the three (3) month anniversary of the satisfaction of the milestone. The milestone is Borrower’s receipt of at least $750k cash proceeds. If the borrower receives an additional $3M, then the Interest Only period is extended for a total of six months. | No | No | |||||||||||||||||||||
| OBLIGOR #23 |
Paid Off | NONE | ||||||||||||||||||||||||||||||||
| OBLIGOR #24 |
Substituted | NONE | ||||||||||||||||||||||||||||||||
| OBLIGOR #25 |
Paid Off | NONE | ||||||||||||||||||||||||||||||||
| OBLIGOR #26 |
Active | NONE | ||||||||||||||||||||||||||||||||
| OBLIGOR #27 |
Paid Off | NONE | ||||||||||||||||||||||||||||||||
| OBLIGOR #28 |
Paid Off | NONE | ||||||||||||||||||||||||||||||||
| OBLIGOR #29 |
Paid Off | NONE | ||||||||||||||||||||||||||||||||
Schedule of Related Term Loans
As of December 31, 2014
| Related Term Loans (1) | ||||||||||||||||||||||
| At Close | At December 31, 2014 | |||||||||||||||||||||
| Obligor CODE |
Servicer Availability(1) | Additional Approved Commitment |
Post-close Fundings | Expired Availability | Servicer Availability(1) | Comments | ||||||||||||||||
| OBLIGOR #1 |
8,172,429 | — | — | — | — | loan prepaid | ||||||||||||||||
| OBLIGOR #2 |
— | — | — | — | — | loan substituted out of portfolio | ||||||||||||||||
| OBLIGOR #3 |
— | — | — | — | — | loan matured | ||||||||||||||||
| OBLIGOR #4 |
9,239,359 | — | — | — | — | loan substituted out of portfolio | ||||||||||||||||
| OBLIGOR #5 |
13,944,355 | 10,000,000 | 10,000,000 | — | 16,108,210 | |||||||||||||||||
| OBLIGOR #6 |
21,017,522 | — | — | — | — | loan substituted out of portfolio | ||||||||||||||||
| OBLIGOR #7 |
— | — | — | — | — | loan prepaid | ||||||||||||||||
| OBLIGOR #8 |
— | — | — | — | — | loan prepaid | ||||||||||||||||
| OBLIGOR #9 |
— | — | — | — | — | loan prepaid | ||||||||||||||||
| OBLIGOR #10 |
— | — | — | — | — | |||||||||||||||||
| OBLIGOR #11 |
7,400,000 | — | — | — | loan matured | |||||||||||||||||
| OBLIGOR #12 |
— | — | — | — | — | loan prepaid | ||||||||||||||||
| OBLIGOR #13 |
5,000,000 | 15,000,000 | — | 15,000,000 | ||||||||||||||||||
| OBLIGOR #14 |
— | — | — | — | — | loan prepaid | ||||||||||||||||
| OBLIGOR #15 |
760,913 | — | — | — | — | |||||||||||||||||
| OBLIGOR #16 |
— | 6,427,815 | 6,427,815 | — | 5,930,444 | |||||||||||||||||
| OBLIGOR #17 |
499,501 | — | — | — | — | loan prepaid | ||||||||||||||||
| OBLIGOR #18 |
— | — | 3,298,242 | — | 3,134,537 | |||||||||||||||||
| OBLIGOR #19 |
— | — | — | — | — | loan substituted out of portfolio | ||||||||||||||||
| OBLIGOR #20 |
— | — | — | — | — | |||||||||||||||||
| OBLIGOR #21 |
— | — | — | — | — | loan prepaid | ||||||||||||||||
| OBLIGOR #22 |
— | — | 4,000,000 | — | — | |||||||||||||||||
| OBLIGOR #23 |
— | — | — | — | — | loan prepaid | ||||||||||||||||
| OBLIGOR #24 |
17,759,716 | — | — | — | — | loan substituted out of portfolio | ||||||||||||||||
| OBLIGOR #25 |
— | — | — | — | — | loan prepaid | ||||||||||||||||
| OBLIGOR #26 |
— | — | 10,000,000 | — | 9,213,908 | |||||||||||||||||
| OBLIGOR #27 |
— | — | — | — | — | loan prepaid | ||||||||||||||||
| OBLIGOR #28 |
— | — | — | — | — | loan prepaid | ||||||||||||||||
| OBLIGOR #29 |
— | — | — | — | — | loan prepaid | ||||||||||||||||
| Total |
78,793,795 | 21,427,815 | 48,726,057 | — | 49,387,099 | |||||||||||||||||
| (1) | Note, servicer availability and related term loans: In certain cases, the Seller, an affiliate of the Seller or a third party has or will issue one or more related revolving lines of credit or other related loans to an Obligor, which may include future funding obligations (in each case, a “Related Loan”). In most, but not all cases, the Loans and the Related Loans will have an undivided, pari passu security interest in the collateral securing the obligations under the Loans and the Related Loans. The Loan documentation and the Related Loan documentation also include cross-default provisions. The Issuer will not own any interest in any Related Loan. |
Schedule of Servicer Related Revolver Loans
As of December 31, 2014
| Related Revolver Loans (1) | ||||||||||||||||||||||||||
| At Close | At December 31, 2014 | |||||||||||||||||||||||||
| Obligor CODE |
Revolver Commitment |
Revolver Balance |
Gross Revolver Availability (1) |
Revolver Commitment |
Revolver Balance |
Gross Revolver Availability (1) |
Comments | |||||||||||||||||||
| OBLIGOR #1 |
— | — | — | — | — | — | loan prepaid | |||||||||||||||||||
| OBLIGOR #2 |
— | — | — | — | — | — | loan substituted out of portfolio | |||||||||||||||||||
| OBLIGOR #3 |
— | — | — | — | — | — | loan matured | |||||||||||||||||||
| OBLIGOR #4 |
— | — | — | — | — | — | loan substituted out of portfolio | |||||||||||||||||||
| OBLIGOR #5 |
— | — | — | — | — | — | ||||||||||||||||||||
| OBLIGOR #6 |
— | — | — | — | — | — | loan substituted out of portfolio | |||||||||||||||||||
| OBLIGOR #7 |
— | — | — | — | — | — | loan prepaid | |||||||||||||||||||
| OBLIGOR #8 |
— | — | — | — | — | — | loan prepaid | |||||||||||||||||||
| OBLIGOR #9 |
— | — | — | — | — | — | loan prepaid | |||||||||||||||||||
| OBLIGOR #10 |
— | — | — | — | — | — | ||||||||||||||||||||
| OBLIGOR #11 |
— | — | — | — | — | — | loan matured | |||||||||||||||||||
| OBLIGOR #12 |
— | — | — | — | — | — | loan prepaid | |||||||||||||||||||
| OBLIGOR #13 |
— | — | — | — | — | — | ||||||||||||||||||||
| OBLIGOR #14 |
— | — | — | — | — | — | loan prepaid | |||||||||||||||||||
| OBLIGOR #15 |
— | — | — | — | — | — | ||||||||||||||||||||
| OBLIGOR #16 |
— | — | — | — | — | — | ||||||||||||||||||||
| OBLIGOR #17 |
— | — | — | — | — | — | loan prepaid | |||||||||||||||||||
| OBLIGOR #18 |
— | — | — | — | — | — | ||||||||||||||||||||
| OBLIGOR #19 |
— | — | — | — | — | — | loan substituted out of portfolio | |||||||||||||||||||
| OBLIGOR #20 |
— | — | — | — | — | — | ||||||||||||||||||||
| OBLIGOR #21 |
— | — | — | — | — | — | loan prepaid | |||||||||||||||||||
| OBLIGOR #22 |
— | — | — | — | — | — | ||||||||||||||||||||
| OBLIGOR #23 |
— | — | — | — | — | — | loan prepaid | |||||||||||||||||||
| OBLIGOR #24 |
1,500,000 | — | 1,500,000 | — | — | — | loan substituted out of portfolio | |||||||||||||||||||
| OBLIGOR #25 |
2,000,000 | — | 2,000,000 | — | — | — | loan prepaid | |||||||||||||||||||
| OBLIGOR #26 |
— | — | — | — | — | — | ||||||||||||||||||||
| OBLIGOR #27 |
— | — | — | — | — | — | loan prepaid | |||||||||||||||||||
| OBLIGOR #28 |
— | — | — | — | — | — | loan prepaid | |||||||||||||||||||
| OBLIGOR #29 |
— | — | — | — | — | — | loan prepaid | |||||||||||||||||||
| TOTAL |
3,500,000 | — | 3,500,000 | — | — | — | ||||||||||||||||||||
| (1) | Note, servicer availability and related revolver loans: In certain cases, the Seller, an affiliate of the Seller or a third party has or will issue one or more related revolving lines of credit or other related loans to an Obligor, which may include future funding obligations (in each case, a “Related Loan”). In most, but not all cases, the Loans and the Related Loans will have an undivided, pari passu security interest in the collateral securing the obligations under the Loans and the Related Loans. The Loan documentation and the Related Loan documentation also include cross-default provisions. The Issuer will not own any interest in any Related Loan. |