Debt

The following table summarizes our outstanding debt as of December 31 (in thousands):



Description	Type	Maturity Date	Weighted Average Interest Rate at December 31, 2016	December 31, 2016				December 31, 2015
Funding Debt:
ODAST II Agreement	Securitization Facility	May 2020 ⁽¹⁾	4.7%	$	250,000			$	—
ODART Agreement	Revolving	September 2017	3.4%	133,767				42,090
RAOD Agreement	Revolving	May 2017	3.8%	99,985				47,465
ODAF Agreement	Revolving	August 2019 ⁽²⁾	8.0%	100,000			⁽²⁾	—
ODAC Agreement	Revolving	May 2017	10.0%	65,486				27,699
PORT II Agreement	Revolving	December 2018	3.7%	52,397				—
Other Agreements	Various	Various ⁽³⁾	Various	30,887				19,644
ODAST Agreement ⁽⁴⁾	Securitization Facility	May 2018⁽⁴⁾	N/A	—				174,980
ODAP Agreement	Revolving	August 2017⁽⁵⁾	5.0%	—				8,819
PORT Agreement	Revolving	June 2017⁽⁶⁾	2.8%	—				59,415
				732,522				380,112
Deferred Debt Issuance Cost				(5,883		)		(4,222		)
Total Funding Debt				726,639				375,890

Corporate Debt:
Square 1 Agreement	Revolving	October 2018	5.0%	28,000				2,700
Deferred Debt Issuance Cost				(34		)		(5		)
Total Corporate Debt				$	27,966			$	2,695


(1)	The period during which remaining cash flow can be used to purchase additional loans expires April 2018.


(2)	On February 14, 2017, the maturity date was extended to February 2020 and the credit limit was increased to $150 million. The period during which new borrowings may be made under this debt facility expires in February 2019.


(3)	Maturity dates range from January 2017 through December 2018.


(4)	This debt facility was terminated in May 2016.


(5)	This debt facility was terminated in November 2016.


(6)	This debt facility was terminated in December 2016.

Certain of our loans held for investment are pledged as collateral for borrowings in our funding debt facilities. These loans totaled $886.4 million and $417.1 million as of December 31, 2016 and 2015, respectively. Our corporate debt facility is collateralized by substantially all of our assets.

During the three years ended December 31, 2016, the following significant activity took place related to our debt facilities:

ODAST Agreement

On May 8, 2014, ODAST entered into a $175 million securitization agreement with Deutsche Bank Securities (“Deutsche Bank”) as administrative agent. Of the total commitment, Deutsche Bank allowed for $156.7 million of Class A (primary group of lenders) asset backed notes and $18.3 million of Class B (subordinate group of lenders) asset backed notes. The agreement required pooled loans to be transferred from us to ODAST with a minimum aggregate principal balance of approximately $183.2 million. Class A and Class B commitments bore interest at 3.15% and 5.68%, respectively. Monthly payments of interest were due beginning June 17, 2014 and principal and interest were due beginning in June 2016. In May 2016, we voluntarily prepaid in full $175 million of funding debt outstanding in conjunction with entering into the ODAST II Agreement. The remaining unamortized deferred issuance costs related to the ODAST Agreement of $1.6 million were written-off and are included within Funding Costs.

PORT Agreement

On June 12, 2015, through a wholly-owned bankruptcy remote subsidiary, we entered into a $100 million revolving line of credit with Bank of America, N.A. ("PORT Agreement"). The facility bears interest at LIBOR plus 2.25%, and was to mature in June 2017. In December 2016, we voluntarily paid down the funding debt outstanding with this facility in conjunction with the entering into of the PORT II Agreement. The remaining unamortized deferred issuance costs related to the PORT Agreement of $0.2 million were written-off and are included within Funding Costs.

RAOD Agreement

On May 22, 2015, through a wholly-owned bankruptcy remote subsidiary, we entered into a $50 million revolving line of credit with SunTrust Bank ("RAOD Agreement"). The facility bears interest at LIBOR plus 3.00%, and matures in May 2017. On February 26, 2016, the RAOD Agreement was amended to increase the borrowing capacity from $50 million to $100 million.

ODAP Agreement

In August 2014, ODAP entered into a $75 million revolving line of credit with Jefferies Mortgage Funding, LLC ("ODAP Agreement"). On August 13, 2015, an amendment was made to the ODAP Agreement converting the Lenders’ obligation from a commitment to make revolving loans to ODAP of up to $75 million to an agreement under which the Lenders are allowed to make, on an uncommitted basis, revolving loans to ODAP of up to$100 million; extending the revolving termination date (i.e., the period during which ODAP is permitted to request the advance of revolving loans) by approximately one year to August 13, 2016 and the amortization period end date by approximately one year to August 13, 2017; increasing the borrowing advance rate; and various other changes. On November 25, 2015 ODAP terminated its existing asset-backed revolving debt facility and simultaneously entered into a new-asset backed revolving debt facility with substantially similar terms to the terminated facility. The note bore interest at 4% plus the greater of 1% or LIBOR. In August 2016, the revolving commitment period terminated. Subsequently, we voluntarily terminated the agreement in November 2016.

ODAC Agreement

In October 2013, ODAC entered into a $25 million revolving credit agreement (the “ODAC Agreement”). On January 2, 2014, ODAC entered into a second amendment of the ODAC Agreement increasing the financing limit of the ODAC Agreement from $25 million to $50 million bearing an interest rate of LIBOR plus 8.25%. On December 19, 2014 amendments were made to the ODAC Agreement to among other items, extend the commitment termination date to October 2016 to introduce the ability to use up to a specified portion of the ODAC facility for the financing our line of credit. On May 22, 2015, amendments were made to the ODAC Agreement to, among other items, extend the commitment termination date to May 2017 and to provide for the utilization of up to the entire ODAC facility solely for the financing of our line of credit. In addition to other changes, this facility is now exclusively used to our line of credit. On April 28, 2016, we amended the ODAC Agreement to increase the revolving commitment from an aggregate amount of $50 million to $75 million, increase the interest rate from LIBOR plus 8.25% to LIBOR plus 9.25%, increase in the borrowing base advance rate from 70% to 75% and make certain other related changes.

ODAST II Agreement

On May 17, 2016, we, through a wholly-owned subsidiary, OnDeck Asset Securitization Trust II LLC, or the ODAST II, entered into a $250 million asset-backed securitization facility with Deutsche Bank Trust Company Americas, as indenture trustee. The notes under the facility were issued in two classes; Class A in the amount of $211.5 million and Class B in the amount of $38.5 million. The Class A and Class B notes bear interest at a fixed rate of 4.21% and 7.63%, respectively. Interest only payments began in June 2016 and are payable monthly through May 2018. Beginning June 2018, monthly payments will consist of both principal and interest with a final maturity of May 2020. Concurrent with the closing of the ODAST II securitization, we voluntarily prepaid in full $175 million of funding debt outstanding from our prior asset-backed securitization transaction, or the ODAST Agreement.

ODART Agreement

On September 15, 2014, we entered into an amendment of the ODART agreement which provided for, the increase of the total facility size from $111.8 million to $167.6 million, with the Class A commitments increased from $100 million to $150 million and the Class B commitments increased from $11.8 million to $17.6 million, the decrease in the Class A interest rate to the applicable cost of funds rate plus 3%, the decrease in the Class B interest rate to 7.25% plus the greater of 1% or LIBOR and the extensions of the commitment termination date of from August 16, 2015 to September 15, 2016.

On October 7, 2015 an amendment was made to the ODART Agreement which included an amendment for a decrease in Class A interest rate to the applicable cost of funds rate plus 2.25%, the extension of the commitment termination date of the ODART Agreement by approximately one year to September 15, 2017, the extension of the date on or prior to which early termination fees may be payable in the event of a termination or other permanent reduction of the revolving commitments by approximately one year to May 15, 2017, and the ability to make certain partial commitment terminations without early termination fees, the ability to use up to a specified portion of the facility for financing of our weekly pay term loans and, the termination of the Class B revolving lending commitment, the effect of which is to reduce the total facility capacity to $150 million; the termination was made at ODART's request and consented to by the Class B Revolving Lender. The ODART Second A&R Credit Agreement also contemplates the reintroduction, at ODART's election and administrative agent's consent, of one or more Class B Revolving Lending resulting in Class B commitments up to $17.6 million, thereby potentially restoring the facility size to up to$167.6 million. The borrowing base advance rate for reintroduced Class B revolving loans is 95% and the interest rate will be LIBOR plus 7.00%.

On June 17, 2016 an amendment was made to the ODART Agreement, to reintroduce Class B revolving loans from the Class B Revolving Lender resulting in additional funding capacity of $12.4 million, thereby increasing the total revolving commitment from $150 million to $162.4 million, establishing a Class B interest rate equal to LIBOR plus 8%, a borrowing base advance rate for the Class B revolving loans of 92% and make certain other changes.

ODAF Agreement

On August 19, 2016, we, through a wholly-owned subsidiary, entered into a $100 million asset-backed revolving debt facility, or the ODAF Agreement. The commitment bears interest at LIBOR plus 7.25%, has a borrowing base advance rate of up to 80% and matures in August 2019.

PORT II Agreement

On December 8, 2016, we, through a wholly-owned subsidiary, entered into a $200 million (consisting of $125 million Class A commitments, with the Class A Lenders having the ability to, in their sole discretion and on an uncommitted basis, make additional Class A loans of up to $75 million) asset-backed revolving debt facility, or the PORT II Agreement. The commitment bears interest at a specified base rate, generally the daily CP rate, plus 2.25% (Class A), has a borrowing base advance rate of 83% and matures in December 2018. Concurrent with the closing of the PORT II revolving debt facility, we voluntarily prepaid in full funding debt outstanding from another asset-backed revolving debt facility, the PORT Agreement.

Square 1 Agreement

We amended and restated this revolving debt facility in November 2014 to (i) extend its maturity date to October 2015; (ii) decrease the interest rate to prime plus 1.25%, with a floor of 4.5% per annum; and (iii) increase our borrowing capacity to $20 million. On October 2, 2015 an amendment was made to the Square 1 Agreement which extended the date of maturity of our corporate revolving line of credit from October 2015 to October 2016, added a minimum monthly interest payment and modified certain financial and portfolio covenants. In November 2016 we amended the Square 1 Agreement to increase the revolving commitment from an aggregate amount of $20 million to $30 million while also extending the maturity to October 2018.

As of December 31, 2016, future maturities of our borrowings were as follows (in thousands):



2017	$	306,238
2018	177,200
2019	225,000
2020	52,084
2021	—
Thereafter	—
Total	$	760,522