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
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

  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
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

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
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

    —          —          —          —          —          —       

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.