Navan, Inc.

Liquid Labs SPV, LLC operates as a special purpose vehicle established to facilitate the securitization and financing of commercial credit card receivables. The company serves as the borrower under a revolving credit and security agreement with Goldman Sachs Bank USA acting as administrative agent, enabling the acquisition and management of eligible receivables originated through Navan's commercial card programs.

The company's primary function involves purchasing and holding receivables generated from Navan's corporate expense management platform, which provides commercial card accounts and related financial services to business customers. Through this structure, Liquid Labs SPV aggregates receivables from multiple card accounts and uses them as collateral to secure revolving credit facilities from institutional lenders. The facility is structured with two classes of advances: Class A advances with a committed amount of $213.9 million and Class B advances with a committed amount of $36.1 million, providing tiered financing secured by the underlying receivables portfolio.

The receivables underlying this facility derive from Navan's commercial card operations, where corporate customers utilize card accounts for business expenses. The company's operations involve continuous collection and management of these receivables, with cash flows directed through designated collection accounts. The structure includes provisions for automatic designation of eligible card accounts into the collateral pool, subject to specified conditions and thresholds.

Liquid Labs SPV maintains relationships with multiple servicers responsible for administering the receivables, including backup servicing arrangements to ensure continuity of operations. The company operates under strict covenants and representations designed to maintain the quality and eligibility of the receivables pool, with detailed provisions governing delinquency classifications, concentration limits, and collateral valuation procedures.

The financing arrangement includes interest rate mechanisms tied to SOFR benchmarks with applicable margins, prepayment provisions, and exit fees. The structure contemplates potential securitization transactions and includes provisions for managing various operational and financial triggers that may affect the facility's terms and conditions.