Table Of Contents OLO INC. Notes to Condensed Financial Statements (Unaudited) on any outstanding balance as of December 31, 2020 was 5.00%. Our obligations under the Loan Agreement are secured by substantially all of our assets. In April 2021, we amended the Loan Agreement with Pacific Western Bank (the “First Amendment”) and exercised our option to increase our available line of credit from $25.0 million to $35.0 million. Additionally, we amended our minimum EBITDA and minimum net revenue covenants, which reset each annual period. On May 6, 2021, we issued a letter of credit to DoorDash, Inc. (“DoorDash”) in the amount of $25.0 million in connection with our Restated Delivery Network Agreement. See Note 12 for further details. The First Amendment contains various affirmative and negative covenants and we were in compliance with these covenants as of September 30, 2021. In August 2021, we further amended our Loan Agreement (the “Second Amendment”, and the Loan Agreement as amended by the First Amendment and the Second Amendment, the “Amended Loan Agreement”) to maintain the lesser of at least $75.0 million or an amount equal to 50% of all of our cash deposits with any bank and to extend certain reporting requirements from 30 to 45 days after each quarter end. As of September 30, 2021 , we had $8.6 million available under the revolving line of credit, after consideration of $25.0 million in our letter of credit towards DoorDash and $1.4 million in our letter of credit on the lease of our headquarters. As of September 30, 2021, we had no outstanding borrowings under the line of credit. As of September 30, 2021, no amounts have been drawn against any of our letters of credit. The credit facility contains customary affirmative and negative covenants, including covenants that require Pacific Western Bank’s consent to, among other things, merge or consolidate or acquire assets outside the ordinary course of business, make investments, incur additional indebtedness or guarantee indebtedness of others, pay dividends and redeem and repurchase our capital stock, enter into transactions with affiliates outside the ordinary course of business and create liens on our assets. We are also required to comply with certain minimum EBITDA and minimum revenue covenants. The credit facility also contains events of default that if not cured or waived, could result in the acceleration of the obligations under the credit facility, an increase in the applicable interest rate under the credit facility to a per annum rate equal to 5.00% above the applicable interest rate and would permit Pacific Western Bank to exercise remedies with respect to all of the collateral that is securing the credit facility. Pacific Western Bank has the right to terminate its obligation to make further advances to us immediately and without notice upon the occurrence and during the continuance of an event of default. We may terminate the Formula Line or the Non-Formula Line at any time prior to the maturity date, upon two business days written notice to Pacific Western Bank, at which time all then outstanding obligations arising under the Amended Loan Agreement, including any unpaid interest thereon, will accelerate and become immediately due and payable. Interest expense related to the line of credit was immaterial for the three and nine months ended September 30, 2021. Interest expense related to the line of credit was also immaterial for the three and nine months ended September 30, 2020. Deferred financing costs related to the Amended Loan Agreement were capitalized and are included within other current and non-current assets as of September 30, 2021. 8. Stockholders’ Equity (Deficit) Changes in Capital Structure On March 5, 2021, our board of directors and stockholders approved an amended and restated certificate of incorporation effecting a 17-for-1 forward stock split of our issued and outstanding shares of common stock and Series A, A-1, B, C, D, E preferred stock. Additionally, all outstanding equity instruments, including our time-based stock options, performance-based SARs, and preferred stock warrants, were adjusted to reflect the 17-for-1 forward stock split. The stock split was effected on March 5, 2021. The par value of the Class B common stock and redeemable convertible preferred stock was not adjusted as a result of the stock split. All issued and outstanding Class B common stock, redeemable convertible preferred stock, warrants to purchase shares of redeemable convertible preferred stock, and stock options, as well as the per share amounts, included in the accompanying financial statements have been adjusted to reflect this stock split for all periods presented. On March 5, 2021, our board of directors and stockholders approved and we implemented a dual class common stock structure where all existing shares of common stock converted to Class B common stock and we authorized a new class of 16