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<P style="margin:0pt; line-height:20pt; font-family:Times New Roman; font-size:18pt" align=center><B>U.S. SECURITIES AND EXCHANGE COMMISSION </B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>Washington, D.C. 20549 </B></P>
<P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt">&nbsp;&nbsp;</P>
<P style="margin:0pt; line-height:20pt; font-family:Times New Roman; font-size:18pt" align=center><B>FORM 8-K </B></P>
<P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt">&nbsp;&nbsp;</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>CURRENT REPORT </B></P>
<P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt">&nbsp;&nbsp;</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 </B></P>
<P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt">&nbsp;&nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman" align=center><B>Date of Report (Date of earliest event reported): August 10, 200<A NAME="FIS_UNIDENTIFIED_TABLE"></A>7</B>&nbsp; <BR>
</P>
<P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt">&nbsp;&nbsp;</P>
<P style="margin:0pt; line-height:20pt; font-family:Times New Roman; font-size:18pt" align=center><B>Venture Lending &amp; Leasing V, Inc. </B></P>
<P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=center><B>(Exact name of registrant as specified in its charter) </B></P>
<P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt">&nbsp;&nbsp;</P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR><TD width=221.667>&nbsp;</TD><TD valign=bottom width=13.467>&nbsp;</TD><TD width=208.333>&nbsp;</TD><TD valign=bottom width=13.467>&nbsp;</TD><TD width=215.067>&nbsp;</TD></TR>
<TR><TD valign=bottom width=221.667><P style="margin:0pt; font-family:Times New Roman" align=center><B>DELAWARE </B></P>
</TD><TD valign=bottom width=13.467><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt">&nbsp;&nbsp;</P>
</TD><TD valign=bottom width=208.333><P style="margin:0pt; font-family:Times New Roman" align=center><B>814-00731</B></P>
</TD><TD valign=bottom width=13.467><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt">&nbsp;&nbsp;</P>
</TD><TD valign=bottom width=215.067><P style="margin:0pt; font-family:Times New Roman" align=center><B>14-1974295</B></P>
</TD></TR>
<TR><TD valign=top width=221.667><P style="margin:0pt; font-family:Times New Roman" align=center>(State&nbsp;or&nbsp;other&nbsp;jurisdiction </P>
<P style="margin-top:0pt; margin-bottom:0.75pt; font-family:Times New Roman" align=center>of incorporation) </P>
</TD><TD valign=bottom width=13.467><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt">&nbsp;&nbsp;</P>
</TD><TD valign=top width=208.333><P style="margin:0pt; font-family:Times New Roman" align=center>(Commission </P>
<P style="margin-top:0pt; margin-bottom:0.75pt; font-family:Times New Roman" align=center>File Number) </P>
</TD><TD valign=bottom width=13.467><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt">&nbsp;&nbsp;</P>
</TD><TD valign=bottom width=215.067><P style="margin:0pt; font-family:Times New Roman" align=center>(I.R.S. Employer </P>
<P style="margin-top:0pt; margin-bottom:0.75pt; font-family:Times New Roman" align=center>Identification No.) </P>
</TD></TR>
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<P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt">&nbsp;&nbsp;</P>
<P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt">&nbsp;&nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman" align=center><B>2010 North First Street, Suite 310, San Jose, CA 95131</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>(Address of principal executive offices, zip code) </P>
<P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt">&nbsp;&nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman" align=center>Registrant&#146;s telephone number, including area code: <B>(408) 436-8577 </B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><B>N/A </B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>(Former name or former address, if changed since last report) </P>
<P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt">&nbsp;&nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: </P>
<P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt">&nbsp;&nbsp;</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=25.267><P style="margin:0pt; font-family:Wingdings">&#168; </P>
</TD><TD valign=top width=646.733><P style="margin:0pt; font-family:Times New Roman">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>
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<P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt">&nbsp;&nbsp;</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=25.267><P style="margin:0pt; font-family:Wingdings">&#168; </P>
</TD><TD valign=top width=646.733><P style="margin:0pt; font-family:Times New Roman">Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12)</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt">&nbsp;&nbsp;</P>
<A NAME="OLE_LINK3"></A><A NAME="OLE_LINK4"></A><TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=25.267><P style="margin:0pt; font-family:Wingdings">&#168; </P>
</TD><TD valign=top width=646.733><P style="margin:0pt; font-family:Times New Roman">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>
</TD></TR>
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<P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt">&nbsp;&nbsp;</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=25.267><P style="margin:0pt; font-family:Wingdings">&#168; </P>
</TD><TD valign=top width=646.733><P style="margin:0pt; font-family:Times New Roman">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>
</TD></TR>
</TABLE>
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<P style="margin:0pt; font-family:Times New Roman"><B>Item 1.01.&nbsp;&nbsp;&nbsp;&nbsp;Entry into a Material Definitive Agreement. </B></P>
<A NAME="FIS_FINANCIAL_OBLIGATION_MATERIAL"></A><P style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;<BR>
See discussion under Item 2.03 below.</P>
<P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt">&nbsp;&nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><B>Item 2.03.&nbsp;&nbsp;&nbsp;&nbsp;Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant </B></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman">On August 10, 2007, Venture Lending &amp; Leasing V, Inc. (the &#147;Fund&#148;) entered into agreements with J.P. Morgan Chase Bank, N.A. and Deutsche Bank, AG New York Branch that established a debt facility to provide the Fund up to $125 million of financing. &nbsp;&nbsp;Borrowings by the Fund will be collateralized by receivables from loans advanced by the Fund in its ordinary course of business as well as other assets of the Fund.&nbsp; The Fund will pay interest on its borrowings based on the secured facility&#146;s cost of issuing commercial paper obligations plus a fee on the used portion of the facility as well as fees based on the unused portion of the facility.&nbsp; The facility will terminate in May 2012, but can be accelerated under an event of default such as failure by the Fund to make timely interest or principal payments. &nbsp;There have yet to be any draws against this direct financial obligation of the Fund.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman">Item 9.01 &nbsp;Financial Statements and Exhibits</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman">Exhibit Number </P>
<P style="margin:0pt; text-indent:72pt; font-family:Times New Roman">Description</P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman">&nbsp;------------------</P>
<P style="margin:0pt; text-indent:72pt; font-family:Times New Roman">--------------- </P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>None</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>SIGNATURES</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; text-indent:72pt; font-family:Times New Roman; font-size:12pt" align=justify>Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned duly authorized.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">VENTURE LENDING &amp; LEASING V, INC.</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(Registrant)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>/S/ Ronald W. Swenson</U></P>
<U><P style="margin-top:0pt; margin-bottom:-14pt; text-indent:252pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"></U>By:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:288pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>/S/ Martin D. Eng</U></P>
<P style="margin:0pt; text-indent:432pt; font-family:Times New Roman; font-size:12pt"><U><BR></U></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Ronald W. Swenson</P>
<P style="margin:0pt; text-indent:252pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Martin D. Eng</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:252pt; text-indent:-252pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Chief Executive Officer</P>
<P style="margin:0pt; padding-left:252pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Chief Financial Officer</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:252pt; text-indent:-252pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Date: </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:252pt; text-indent:-216pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">August 14, 2007</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:252pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Date:</P>
<P style="margin:0pt; padding-left:252pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">August 14, 2007</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
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Converted by EDGARwiz
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 10, 200
7
Venture Lending & Leasing V, Inc.
(Exact name of registrant as specified in its charter)
DELAWARE
814-00731
14-1974295
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(I.R.S. Employer
Identification No.)
2010 North First Street, Suite 310, San Jose, CA 95131
(Address of principal executive offices, zip code)
Registrant's telephone number, including area code:
(408) 436-8577
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01.    Entry into a Material Definitive Agreement.
See discussion under Item 2.03 below.
Item 2.03.    Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
On August 10, 2007, Venture Lending & Leasing V, Inc. (the "Fund") entered into agreements with J.P. Morgan Chase Bank, N.A. and Deutsche Bank, AG New York Branch that established a debt facility to provide the Fund up to $125 million of financing.   Borrowings by the Fund will be collateralized by receivables from loans advanced by the Fund in its ordinary course of business as well as other assets of the Fund.  The Fund will pay interest on its borrowings based on the secured facility's cost of issuing commercial paper obligations plus a fee on the used portion of the facility as well as fees based on the unused portion of the facility.  The facility will terminate in May 2012, but can be accelerated under an event of default such as failure by the Fund to make timely interest or principal payments.  There have yet to be any draws against this direct financial obligation of the Fund.
Item 9.01  Financial Statements and Exhibits
Exhibit Number
Description
------------------
---------------
None
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned duly authorized.
VENTURE LENDING & LEASING V, INC.
(Registrant)
By:
/S/ Ronald W. Swenson
By:
/S/ Martin D. Eng
Ronald W. Swenson
Martin D. Eng
Chief Executive Officer
Chief Financial Officer
Date:
August 14, 2007
Date:
August 14, 2007