On June 15, 2021, The Trade Desk, Inc. entered into a loan and security agreement, dated as of June 15, 2021 (the Loan and Security Agreement"), among the company, as borrower, and a syndicate of banks, led by JPMorgan Chase Bank, N.A., as agent. The revolving credit facility under the Loan and Security Agreement is, by its terms, scheduled to terminate on June 15, 2026. The Loan and Security Agreement consists of a $450.0 million revolving loan facility, with a $20.0 million sublimit for swingline borrowings and a $15.0 million sublimit for the issuance of letters of credit (the Loan Facility). Under certain circumstances, the company has the right to increase the Loan Facility by an amount not to exceed $300.0 million. The Loan and Security Agreement is collateralized by substantially all of the company's assets, including a pledge of certain of its accounts receivable, deposit accounts, intellectual property, investment property, and equipment. Loans under the Loan Facility bear interest through maturity at a variable rate based upon, at the company's option, an annual rate of either a Base Rate or an adjusted LIBOR rate, plus an applicable margin. The Base Rate is defined as a rate per annum for any day equal to the greatest of (1) the rate of interest last quoted by The Wall Street Journal as the Prime Rate" in the United States, (2) the NYFRB Rate in effect on such day plus half of 1%, and (3) the adjusted LIBOR rate for a one month interest period on such day plus 1%. The applicable margin is between 0.25% to 1.25% for Base Rate Borrowings and between 1.25% and 2.25% for LIBOR Rate Borrowings based on the Company maintaining certain leverage ratios. The fee for undrawn amounts under the Loan Facility ranges, based on the applicable leverage, from 0.200% to 0.350%. The company is also required to pay customary letter of credit fees, as necessary.