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Windsor Private Capital, Evergreen Gap Debt Provide $10MM Credit Facility to Lendified

August 18, 2021, 07:00 AM
Filed Under: Lender Finance
Related: Canada

As previously announced on April 5, 2021 and May 14, 2021, Lendified Holdings (formerly, Hampton Bay Capital Inc.) announced that the Company's wholly-owned subsidiary, incorporated as a special purpose vehicle for the purpose of funding new loans under the Credit Facility (the "SPV"), has entered into a definitive two year credit agreement with Windsor Private Capital Limited Partnership and Evergreen Gap Debt GP Inc. (together, the "Lenders") for a non-revolving, secured term loan in the aggregate amount of up to $10,000,000.00.

The Credit Facility has an effective date as of July 30, 2021, subject to the Company satisfying two undertakings in favour of the Lenders relating to updating the Company's credit risk policy and entering into an agency agreement between the SPV and a wholly-owned subsidiary of the Company, as origination agent. Notwithstanding the undertakings the Lenders have agreed to and closed on the first advance of $500,000 to the SPV under the Credit Facility, which will be used to fund new loans to the Company's customers in the ordinary course of business.

In connection with the Credit Facility and pursuant to the Credit Agreement, Lendified's wholly-owned subsidiaries, as borrower and guarantor, have entered into general security agreements and a guarantee in favur of the Lenders on terms and conditions customary in such transactions. The Credit Facility shall be used by Lendified for the purpose of funding new loans to small and medium-sized businesses in Canada in the ordinary course of its business.

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